J.P. Morgan: History, Achievements and Facts
Biography of J.P. Morgan
J.P. Morgan, born John Pierpont Morgan, was born on April 17, 1837, in Hartford, Connecticut, U.S.
He hailed from a very influential and wealthy New England family, with his maternal family, the Pierponts, having strong connections with Yale University. His paternal family was known for having renowned bankers and insurers; his paternal grandfather, for example, was the founder of Aetna Insurance Company.
J.P. Morgan’s father, Junius Spencer Morgan, had distinguished himself by becoming a senior partner at banking firm in London.
He had his high school education in Boston before making his way to Europe (in 1854), where he gained fluency in French and German in Switzerland and Germany respectively.
Around the age of 20, J.P. Morgan made his career debut in the financial sector, working in London, England. He began working at Peabody, Morgan & Co. in 1857. After about a year or so, he relocated to New York City to work at Duncan, Sherman & Company.
A common practice back then, Morgan, like many young men from affluent backgrounds, paid someone to take his place in the Union army during the American Civil War.
During the course of the Civil War, he worked as a New York representative for his father’s firm, Peabody, Morgan & Co.
Between 1864 and 1872, he was a partner of in the firm Dabney, Morgan, and Company. He also went into partnership with the Drexels, forming Drexel, Morgan & Company in 1871 in New York. While in the company, he was mentored by Philadelphia-born banker Anthony Joseph Drexel Sr. (1826-1893).
Following the death of Anthony Drexel, the company was renamed J.P. Morgan & Company in 1895. Morgan and his associates steered the firm to lofty heights, making it one of the biggest banking firms in not just the U.S. but worldwide.
In 1895, after the death of Anthony Drexel, the company was renamed J.P. Morgan & Company. Today it is known as JPMorgan Chase.
J.P. Morgan’s firm was known for taking over poorly run businesses and then turning around their fortunes with sound management structures. This endeavor of Morgan came to be called “Morganization”.
Spouses and children
J.P. Morgan walking beside his son J.P. Morgan Jr. (ca. 1913)
At the age of 24, he tied the knot with Amelia Sturges, the daughter of a famous and wealthy businessman in New York. Tragedy struck when Amelia passed away of tuberculosis four months later. Four years later, in 1865, Morgan married Frances Louisa Tracy, a daughter of New York attorney. The marriage produced four children – Louisa Pierpont Morgan (1866-1946), J.P. Morgan Jr. (1867-1943), Juliet Pierpont Morgan (1870-1952), and Anne Tracy Morgan (1873-1952).
