The accounts were prepared, audited and disclosed under German law, reflecting the fact that JP Morgan SE is headquartered in Germany.
The published figures point to a particularly strong year for the group. In 2024, total operating income reached €5.9 billion, while profit before tax amounted to €2.5 billion. Net profit stood at €1.84 billion. Total assets rose to €448.6 billion, underscoring the scale and international reach of the group’s activities. Capital adequacy ratios remained at exceptionally high levels, with the total capital ratio climbing to 34.85 per cent, reinforcing the group’s image of financial strength and stability.
The financial statements also include a reference to Greece, where the Athens Branch forms part of the group’s wider European footprint. During 2024, the Greek branch employed an average of 48 people and recorded turnover of €17.8 million. Pre-tax profits reached €5.27 million, while taxes paid amounted to €2.01 million. In Greece, JP Morgan’s activities are primarily focused on banking and payments services, as well as private banking.
Against this backdrop of solid performance, renewed attention has been drawn to the operation in Greece of a company that has been presenting itself, through official filings, as being linked to JP Morgan, despite having no such relationship. The company, Chase Paymentech Solutions Single-Member P.C. (IKE), has been operating in Greece since 2020 and appears in the country’s General Commercial Registry as a subsidiary of JP Morgan on the basis of what is alleged to be a false declaration. According to information obtained by Dnews.gr, the company has over the past years been involved in fraud cases targeting Italian and Turkish businesspeople, including the alleged forgery of public documents.
The case dates back to November 2020, when Chase Paymentech Solutions was incorporated in Greece by Cypriot national Charalambos Charalambous. From the outset, it was evident that the company had no corporate or shareholding connection with JPMorgan Chase, despite a name that closely mirrored that of the American banking group and its payments subsidiary.
Serious concerns first emerged in September 2021, when a shareholders’ resolution amending the company’s articles of association was filed with the Greek commercial registry. The revised documents stated that the sole shareholder of the Greek company was JPMorgan Chase NA in the United States, which was said to have acquired 100 per cent of the shares. In practical terms, this amendment presented the US bank as the founder and sole owner of the Greek entity, a claim that is described as entirely false. The same filing suggested that the Cypriot founder had been replaced as sole shareholder by JPMorgan Chase, creating the misleading impression that he had previously acted on behalf of the US bank.
The situation evolved further in December 2021, when another amendment to the company’s articles was registered. This change moved the company’s headquarters and replaced Charalambous as managing director with Georgios Kazamias, born in 1995. According to information cited by Dnews.gr, Kazamias is the individual who subsequently appeared before Italian and Turkish businesspeople claiming to be an executive or representative of JPMorgan Chase.
In June 2024, Kazamias allegedly became involved in a serious fraud case involving a Turkish company seeking to purchase industrial metal-processing machinery valued at €342,000. Acting under the guise of a JP Morgan representative, he presented the Greek Chase Paymentech as an intermediary in a transaction with a German supplier. Although payments were reportedly made, he later suspended execution of the contract, citing force majeure and claiming that Greek authorities were investigating the Turkish company for money laundering.
Correspondence with the Turkish side, seen by Dnews.gr, suggests that Kazamias falsely alleged that the investigation concerned the illegal export of industrial equipment to Russia in breach of European Union sanctions. To support this narrative, he is said to have sent the Turkish businessmen a forged complaint purportedly submitted to a local Greek police station and copied to the country’s anti–money laundering authority.
The activities of the Greek company operating under the Chase Paymentech name are reportedly known to the Athens Branch of JP Morgan, although it remains unclear whether the US bank or its representatives in Greece have initiated legal action. What is clear is that on 31 December 2025 the Greek commercial registry imposed a temporary suspension on Chase Paymentech Solutions. Notably, the suspension was not linked to the alleged false claim of a corporate relationship with JP Morgan, but rather to the company’s failure to publish its financial statements for 2022.
