Morgan Stanley is an investment banking institution. As an institutional investor, make strategic investments, help enterprises go public, and conduct mergers and acquisitions.

JPMorgan Chase is a comprehensive company, doing general money business, that is, commercial banking business. But there is also an investment banking department.

The two companies are now operating independently of each other.

However, if traced back to a long time ago, both of them belonged to Morgan Bank under the Morgan Consortium, but according to an American law at that time, commercial banks and investment banks could not be together, so Morgan Bank split its investment banking business and called it Morgan Stanley. A part of the commercial bank Morgan Bank, which was later merged with Chase Bank and renamed as Bank of JPMorgan Chase. Now American law allows commercial banks to develop investment banking, so JPMorgan Chase Bank has become a comprehensive bank with the functions of both commercial banks and investment banks.