Morgan financial group, one of the top ten consortia in the United States. Formed at the end of 19 and the beginning of the 20th century, it is a monopoly capital consortium that rules the American economy. Founder J.P. Morgan founded drexel-Morgan Company on 187 1 on the basis of his father J.S. Morgan's wealth, and engaged in banking business such as investment and credit. 1894, the partner died and was wholly owned by him. 1895 changed its name to J.P. Morgan Company, and based on this company, it expanded its power to financial undertakings and economic fields (such as steel, railways and public utilities) and began to form monopoly consortia. 19 12 years, Morgan consortium controlled 13 financial institutions with total assets of $3.04 billion, among which Morgan Corporation was the strongest and dominated the American financial sector. The financial tycoons on Wall Street called Morgan Company "the banker among bankers". Morgan Consortium made a fortune in World War I, and with its abundant financial capital, it penetrated into all sectors of the national economy after the war. In 1930s, the total assets of big banks and enterprises controlled by Morgan Consortium accounted for more than 50% of the eight American consortia at that time.
Morgan consortium has a solid foundation in the financial industry. Its main pillar is J.P. Morgan Company. Morgan is one of the largest multinational banks in the world, with 65,438+00 subsidiaries and many branches in China, and more than 65,438+0000 communication banks. It has branches or representative offices in about 20 big cities abroad, and owns shares in financial institutions in nearly 40 countries. Its operating characteristics are buying and selling a large number of stocks and operating huge trust assets. It controls the shares of 37 foreign commercial banks, development banks, investment companies and other enterprises. In addition, there are manufacturers Hanover Company, new york Banker Trust Company, Northwest Bank Company, Prudent Life Insurance Company and new york Life Insurance Company. Among the industrial and mining enterprises, there are mainly International Business Machines Corporation, General Electric Company, International Telephone and Telegraph Company, American Steel Company and General Motors Company. In terms of public utilities, there are AT&T and Southern Company.