Credit Suisse was started in 1856 by Alfred Escher. He created the company to create and fund a private railroad system for Switzerland. He only wanted to sell 3 million shares to get the company started…but he received 218 million shares in 3 days. The company focused mostly on mid-term and short-term loans when it began. Credit-Suisse also helped with the financing and development of other railroad systems, electrical-grids, currency, and helped fund entrepreneurs. During the financial crisis of the housing subprime market Credit Suisse was the least affected bank. Read more about the history of Credit-Suisse…..Click the link.
JP Morgan Chase Bank was formed when JP Morgan and Chase Manhattan Bank came together in 1955. Well one half of the bank Manhattan Company started in 1799. The company got its start providing water for NY. The founder of the bank Aaron Burr(the one who shot and killed Alexander Hamilition) had a clause written in the charter of the company that allowed it to use its extra cash for banking purposes. On a side note Burr’s main competitor for banking in New York was Alexander Hamilition Bank of New York.
JP Morgan bank began in 1854 when Junius S. Morgan and George Peabody & Co. started Peabody Morgan and Co. The company started off in government bonds and foreign exchange. The company later secured a contract with the bank of England, to underwrite war bonds for the UK, and France. Read more about the history of JP Morgan Chase Bank. Click the link.
Bank of America was founded by Amadeo Giannini in 1904. Bank of America started out being called Bank Of Italy. Amadeo brought a bank in Italy and then changed the name of the bank to Bank of America. Amadeo provided services to immigrants that many traditional banks wouldn’t due to discrimination. In the San Francisco Fire of 1906 many banks were burned to the ground some how Amadeo moved all of the deposits out of his bank and within a few days he was back in business giving out loans. All the loans that Amadeo lent out during the fire were repaid. Once Branch Banking was allowed by California, Amadeo expanded Bank Of America to over 453 locations throughout the State of California from 1909 to 1929. Read about the History of Bank Of America. Click the link.
So apparently…Visa..actually got started by Bank Of America…as a debit card…that went out to several households in Fresno, California, in the 50’s. But did you know that the program was an initial flop….the person who was pushing the program the most had to resign…..but they just modified the program…and kept on going…….Read the History of Visa…..Here.