With over $2.4 billion in assets, JPMorgan Chase is the largest bank in the United States (Benoit, 2013). With operations in over 60 countries around the world, this 215 year-old corporation is a truly global corporation (J.P. Morgan, 2014). It’s 245,000 employees represent various diverse cultures, backgrounds, languages, affiliations, and nationalities (Microaxis Inc., 2014). This paper will explore the organizational culture of JPMorgan Chase using Schein’s model to assess how employees thing, feel, and talk inside this large global firm.
JPMorgan Chase can trace its history back to over 1,200 predecessor organizations. The earliest of these predecessors, The Manhattan Company, was founded in 1799 by future Vice President of the United States,…show more content… Inside of Chase, an informal open-door policy encourages employees to share their ideas and opinions with all levels of management. Even the most senior leaders in the organization are referred to by their first name, even in face-to-face settings; no one calls him Mr. Dimon. This underscores the open culture that the company values. While senior leaders are not always immediately accessible, primarily due to their busy schedules, they are always open to input and idea from any employee in the firm. Feedback and idea channels are open to everyone through the company’s internal website that allows for everyone to submit ideas for how we can better serve the customers or improve…show more content… In 1904, J.P. Morgan & Co. helped the United States government raise $40 million to build the Panama Canal (JPMorgan Chase & Co., 2008, p. 6). In the 1950s, Chase developed one of the first credit cards, while other predecessor organizations took park in the creation of both Visa and MasterCard (JPMorgan Chase & Co., 2008, p. 14). Another predecessor organization, Chemical Bank, created the first cash-dispensing machine in 1969. More recently, Chase was the first large bank to create a mobile application (app) for smartphones, winning numerous awards and prompting competitors to catch up with their own apps (Lacy, 2013). Innovation also can be seen inside branches, as Chase adds self-service kiosks inside branches that perform almost all the functions of a teller, including providing change coins and in ten, five, and one dollar bills. Most recently, Chase announced that it has been collaborating with Apple for almost two years to create ApplePay, using pay-by-phone technology that replaces credit and debit cards