In September 1851, he passed the entrance exam for The English High School of Boston, which specialized in mathematics for careers in commerce. In the fall of 1848, the young Morgan transferred to the Hartford Public School, then to the Episcopal Academy in Cheshire, Connecticut, where he boarded with the principal. In 1847, when Morgan was ten years old, his grandfather Joseph Morgan died and left a large fortune to Junius Spencer Morgan, who soon became a senior partner at the rechristened Mather Morgan & Co.

He had a varied education due in part to his father's plans. Morgan preferred to be called 'Pierpont', as opposed to 'John'. His mother Juliet was the daughter of the poet John Pierpont. His father, Junius, was a partner at Howe Mather & Co., the largest dry goods wholesaler in Hartford. Morgan was born on April 17, 1837, in Hartford, Connecticut, to Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884) of the influential Morgan family. Childhood and education His father Junius Spencer Morgan guided his son's early career and established the Morgan banking house with offices in London, New York, Philadelphia, and Paris.

Biographer Ron Chernow estimated his fortune at $80 million (equivalent to $2.4 billion in 2022). Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan Jr. Adrian Wooldridge characterized Morgan as America's 'greatest banker'.

During the Panic of 1907, he organized a coalition of financiers that saved the American monetary system from collapse.Īs the Progressive Era's leading financier, Morgan's dedication to efficiency and modernization helped transform the shape of the American economy. finance, Morgan exercised enormous influence over the nation's policies and the market forces underlying its economy. Due to the extent of his dominance over U.S. He and his partners also held controlling interests in numerous other American businesses including Aetna, Western Union, Pullman Car Company, and 21 railroads. Steel, International Harvester, and General Electric. Over the course of his career on Wall Street, Morgan spearheaded the formation of several prominent multinational corporations including U.S. Morgan and Co., he was the driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries.

As the head of the banking firm that ultimately became known as J.P. John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age.

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