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Choose a big firms and explain the effect of the financial crises on them and how they react with it.
How to do it:
The Effect Of The Financial Crisis On Jp Morgan Chase And How The Firm Reacted
Length: 6 pages (1854 Words)
The Effect of the Financial Crisis on JP Morgan Chase and how the Firm Reacted
The 2008 global financial crisis was one of the most trying financial moments for many firms across the world. Following the housing bubble and based on the fact that many banks and financial institutions almost collapsed in the crisis, large firms in many industries were significantly affected, especially those that relied on financial aid from banks. At the same time, the inflow of their customers encountered a significant decline as many people had to cut their spending as the national and global economies encountered a serious crisis. JP Morgan Chase is an American-based multinational financial services firm headquartered in New York. It is one of the largest banks in the US and is rated as the sixth largest bank in the world based on total assets (Wallstreetonparade.com). The firm has total assets totaling up to $2.6 trillion (Washington Post). The firm is a major provider of financial services in the US and beyond. The firm is also the largest public company as per the composite ranking by Forbes magazine (Washington Post). JP Morgan Chase also has the second largest hedge fund unit in the United States (Wallstreetonparade.com). Having been established in 2000, JP Morgan Chase was significantly affected by the global financial crisis in 2008 that called for a financial bailout by the government. This paper discusses the effect of the global financial crisis of JP Morgan Chase, the reaction of the firm to the financial crisis, and the intervention of the government.