Difference between Goldman Sachs and J.P. Morgan Chase
In the world of banking and finance, two of the most recognizable names in the business are Goldman Sachs and J.P. Morgan. With assets spanning the globe and billions of dollars worth of transactions between them, these are two of the most formidable giants in the financial world. Let's take a look at what these two companies have in common.
Profile
The Goldman Sachs Group, Inc. or Goldman Sachs is financial organization that is involved primarily in investment banking, securities, and assets management. The company services mainly institutional clients and was established in 1869. Its headquarters are located in lower Manhattan, New York City, and it has offices in almost all the major financial centers of the world. J.P. Morgan Chase & Co. for its part is one of the oldest financial services companies on the planet, with offices in over 60 countries around the world. It is currently the largest market capitalization firm in the world and its assets have been estimated at well over $2 trillion.
Services
Among the services that Goldman Sachs offerings are mergers and acquisitions plans, underwriting, asset management, and brokerage. Its client list includes corporations and governments as well as private individuals. The company is also involved in trading and private equity, and it is one of the top players in the security market in the United States. J.P. Morgan Chase & Co. has a client list of millions of customers in the U.S. alone, and many of its customers are among the foremost corporate and governmental institutions in the world. The company offers various financial services such as asset management, private banking, and treasury and securities. The company also has a line of Chase branded credit cards.
Controversies
Goldman Sachs has been involved in quite a few controversies in the years since its founding, with one of the most celebrated ones involving the passing of insider trading information by David Brown during a takeover transaction. Also involved in the 1986 case were senior partner Robert Freeman, and Robert Rubin. The company was also the subject of accusations that it had boosted its first quarter earnings by shifting large writedowns in its December records. The J.P. Morgan Chase & Co. has been rocked with numerous controversies throughout its lengthy history as well. One of the most notorious ones involved a series of property sales that nearly caused one of Alabama's wealthiest counties to go bankrupt. The company later settled out of court for a whopping $722 million.
Summary
Goldman Sachs
- Is involved in underwriting, asset management, and brokerage
- Has a client roster comprised of corporations, governments and private individuals
- Is also involved in trading and private equity
- Is one of the top security market firms in the United States
- Was the subject of controversies involving insider trading
J.P. Morgan
- One of the first financial services companies in the world
- Has offices in more than 60 countries
- The largest financial organization in the world in terms of market capitalization
- Has assets worth more than $2 trillion
