JP Morgan

Nadia Esmail and Alley Mason

Achievements

He had skills in numerous industries, such as steel and railroads, that brought great wealth to him. They helped transform America from an agrarian nation into the industrial economic leader of the world. It was a transformation that most of the world's population still greatly benefits from to this day. He and many other businessmen of his time were instrumental in bringing about historically unprecedented economic progress, benefiting millions of people.

Significance

He dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. He and his partners had financial investments in many large corporations. He was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business.


Legacy

His son, J. P. Morgan, Jr. took over the business at his father's death, but was never as influential. As required by the 1933 Glass-Steagall Act, the "House of Morgan" became three entities: J. P. Morgan and Co. and its bank Morgan Guaranty Trust; Morgan Stanley, an investment house; and Morgan Grenfell in London, in overseas securities house. Through these three entities, J. P. Morgan’s name lives on in the financial business world even today.