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J. P. Morgan Jr. Biography

(American Finance Executive, Banker and Philanthropist)

Birthday: September 7, 1867 (Virgo)

Born In: Irvington, New York, United States

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J. P. Morgan, Jr. was an American banker and a philanthropist; he was the son of the famous banker J. P. Morgan. After the death of his father, he took over the family business interests which included the J. P. Morgan & Co. and inherited a lot of fortune. He contributed largely to the family wealth when he got awarded with an elite contract for the British government as munitions purchasing agent during the World War I. After the war, he went to Europe several times just to report on the financial conditions over there. His profiteering from the war wasn’t liked by many and he was shot twice by an intruder when he was living in his Long Island Mansion. However, he recovered soon and continued with his philanthropic activities. At the time of depression, Morgan Jr. fought largely against Franklin D. Roosevelt’s New Deal. He also became successful in securing around $100M in loans to the Italian dictator Benito Mussolini prior to World War II. J. P. Morgan was a philanthropist by heart and supported a number of organisations which included the Red Cross, New York Lying-In Hospital and the Episcopal Church.

Birthday: September 7, 1867 (Virgo)

Born In: Irvington, New York, United States

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Quick Facts

Also Known As: John Pierpont Morgan Jr.

Died At Age: 75

Family:

Spouse/Ex-: Jane Norton Grew (m. 1890–1925)

father: J. P. Morgan

mother: Frances Tracy Morgan

children: Alice Morgan, Frances Tracy Pennoyer, Henry Sturgis Morgan, Jane Norton Morgan Nichols, Junius Spencer Morgan III

Born Country: United States

Bankers Philanthropists

Died on: March 13, 1943

place of death: Boca Grande, Florida, United States

Cause of Death: Stroke

U.S. State: New Yorkers

More Facts

education: Harvard College

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You wanted to know

  • 1

    What was J.P. Morgan Jr.'s role in the banking industry?

    J.P. Morgan Jr. was a prominent banker and financier who played a key role in expanding his family's banking business and shaping the financial landscape of the United States.

  • 2

    How did J.P. Morgan Jr. contribute to philanthropy and social causes?

    J.P. Morgan Jr. was known for his philanthropic efforts, supporting various social causes and charitable organizations throughout his life.

  • 3

    What impact did J.P. Morgan Jr. have on the economy during his time?

    J.P. Morgan Jr. was instrumental in stabilizing the economy during times of financial crisis, using his influence and resources to support the banking system and prevent economic collapse.

  • 4

    What were some of the major business deals or acquisitions led by J.P. Morgan Jr.?

    J.P. Morgan Jr. was involved in several significant business deals and acquisitions, including mergers that shaped the landscape of American industry during his time.

  • 5

    How did J.P. Morgan Jr. influence government policies and regulations related to banking and finance?

    J.P. Morgan Jr. had significant influence on government policies and regulations concerning banking and finance, advocating for measures that he believed would benefit the stability of the financial system.

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Childhood & Early Life
J. P. Morgan, Jr. was born in Irvington, New York on September 7, 1867 to J. P. Morgan and Frances Louisa Tracy. His full name was John Pierpont Morgan Jr.
He graduated from the St. Paul’s School and Harvard in 1889 and joined his father’s firm J.P. Morgan & Company, in 1892.
After working in his father’s firm for some time, he moved to London and joined his grandfather's company, J.S. Morgan & Company.
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Career
In 1913, his father died and J. P. Morgan, Jr. inherited around $50 million and finally became the head of J. P. Morgan & Co.
During World War I, the company became the sole munitions purchaser for the French and British governments. This was one of the biggest turning points for the company.
Morgan’s company started getting orders and they totalled more than $3 billion. With every sale of the materials, the company earned a commission of 1 percent.
He organised around 2000 banks for underwriting a total of $1,500,000,000 in Allied Bonds for financing the Franco-British requisitions for the credits in United States.
Once the war ended, the company provided loans in excess of $10,000,000,000 for the European reconstruction work.
In 1929, the stock market crashed and Morgan, Jr., and some other major bankers tried hard to stem the decline in the stock prices by pooling their funds, but it was of no help.
In 1933, the Banking Act of that year same year forced his company to separate its investment banking activities from its commercial banking activities. In accordance with the Act Morgan, Stanley and Company became a new investment banking firm. After the separation, Morgan remained the head of J.P. Morgan and Company, which became strictly a commercial banking firm.
Major Works
After the World War I, his trust Morgan Guaranty managed Germany's reparation payments. By 1920s, Morgan Guaranty was a leading lender to Germany and Europe and as a result it became one of the world's most important banking institutions of the time.
Philanthropic Works
Morgan Jr. was much like his father. He hated publicity and continued firmly with his philanthropic deeds.
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In 1920, Morgan donated his London home, 14 Princess Gate, to the government of the United States for using it as an embassy. Young John F. Kennedy, the son of Joseph P. Kennedy, the U.S. ambassador, also lived in Morgan’s residence for some time.
In 1924, Morgan also formed the Pierpont Morgan Library as a memorial to his dead father. He opened it as a public institution and later on, his personal librarian Belle da Costa Greene became its director.
The library has now become a museum and a scholarly research centre with several illuminated manuscripts, prints, incunabula, drawings, early printed Bibles, etc.
Personal Life & Legacy
In 1890, J. P. Morgan, Jr. got married to Jane Norton Grew and they had four children together, two daughters and two sons, namely Jane, Junius, Henry and Frances.
Henry Morgan, his son, along with Harold Stanley, co-founded the Morgan Stanley financial corporation.
Morgan Jr. died of stroke on March 13, 1943, at the age of 75, in Boca Grande, Florida, U.S.
Facts About J. P. Morgan Jr.

He was an avid art collector and philanthropist, known for his support of the arts and cultural institutions.

Despite his reputation as a powerful banker, he had a passion for sailing and often spent time on his yacht, the Corsair.

He was known for his impeccable sense of style and was considered a fashion trendsetter during his time.

He had a great love for animals and was actively involved in animal welfare causes, supporting various animal shelters and organizations.

He had a keen interest in history and was a collector of rare books and manuscripts, contributing to the preservation of historical documents.

See the events in life of J. P. Morgan Jr. in Chronological Order

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- J. P. Morgan Jr. Biography
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