J.P. Morgan Biography

J.P. Morgan's biography encompasses his work as a financier and banker. John Pierpont Morgan was born on April 17, 1837 in Hartford, Connecticut. As the son of a banker he eventually adopted the family business and became one of the top financiers in the history of banking. He opened his own bank in 1871 under the name J.P. Morgan & Co. It became one of the nation’s leading financing firms, holding such power that on two occasions he had to assist the government with financial crises.

Due to his wealth, power and influence in society J.P. Morgan exposed himself to a lot of scrutiny. In the late 1800s up to the turn of the century, the leading industries in the country were controlled by Morgan and a small number of influential business leaders. He was accused of creating monopolies and hampering other businesses from competing with him. Morgan controlled two industries at the time. These included the railroad and steel industries. In the 1900s steel was important in the development of the nation and his company became the leading manufacturer of steel. In 1911 the government became concerned about his company having a monopoly in the steel industry and filed a suit against him. The following year Morgan and his business partners became the subjects of a government investigation.

Outside of banking, J.P. Morgan had interests in sailing and art collecting. He participated in many yacht races and created an exceptional art collection which he eventually donated to the Metropolitan Museum of Art. Furthermore, his written works were donated to the Morgan Library.

J.P. Morgan got married in 1860 to his first wife Amelia Sturges, who died a few months after their wedding. Five years after Sturges’ death, he married Frances Tracy. This union bore four children. He died on March 31, 1913 in Italy and posthumously received recognition for being a master of finance and a leading businessman.

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