a merger, and speculation of a pairing with banks such as Goldman Sachs, Chase Manhattan Bank, Credit Suisse and Deutsche Bank AG was prevalent. Chase Manhattan had emerged as one of the largest and fastest-growing commercial banks in the United States through a series of mergers over the previous decade. In 2000, Chase, which was looking for yet another transformational merger to improve its position in investment banking, merged with J.P. Morgan to form JPMorgan Chase & Co. The combined JPMorgan Chase would become one of the largest banks both in the United States and globally offering a full complement of investment banking, commercial banking, retail banking, asset management, private banking and private equity businesses. In 2004, JPMorgan began a joint venture with Cazenove, which combined Cazenove's investment banking operations with JPMorgan's UK investment banking business. By 2010 JPMorgan bought the company out. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its subsidiaries. In 2005, JPMorgan Chase acknowledged that its two predecessor banks had received ownership of thousands of slaves as collateral prior to the Civil War. The company apologized for contributing to the "brutal and unjust institution" of slavery. The bank paid $5 million in reparations in the form of a scholarship program for Black students. J.P. Morgan, the company itself, is still active as the business and investment banking subsidiary of JPMorgan Chase; Chase Manhattan Bank is still active as the personal banking subsidiary of the company. List of Chairmen and CEOs of J.P. Morgan & Co. Following J.P. Morgan & Co.'s formation in 1871, John Pierpont "J. P." Morgan was universally accepted as its highest executive authority (despite holding the mere title of "senior partner"). Upon Morgan's death in 1913, the bank's leadership passed to his son, John Pierpont "Jack" Morgan Jr. Once J.P. Morgan & Co. was incorporated in 1942, Jack emerged as its first chief executive within his capacity as chairman of the board of directors. Henceforth, the bank would be led by 12 executives (eight of whom chaired the board of directors while simultaneously holding the title of CEO) before merging with Chase Manhattan Bank to become JPMorgan Chase. Chairmen of the Board of Directors J.P. Morgan Jr. (1942–1943) Thomas W. Lamont (1943–1948) Russell C. Leffingwell (1948–1950) George Whitney (1950–1955) Chairmen and CEOs Henry C.