Sunday, January 18, 2004
JP Morgan Chase + BankOne = No. 2 Financial Institution in US
JP Morgan Chase (Nyse: JPM) will be paying approximately a 14% premium over the market price to acquire BankOne (Nyse: ONE). This merge will create the second largest financial institution in the US after CitiGroup (Nyse: C) with assets around $1.1 trillion. This will allow JP Morgan Chase to achieve a balanced business mix by diversifying into retail financial services to account for 33% of its business operations.