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Article: JP Morgan diversifies away from investment banking in $60bn merger.
- Article from:
- Financial News
- Article date:
- January 15, 2004
CopyrightCOPYRIGHT 2004 Financial News Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeremy Adams in New York
JP Morgan Chase is to acquire BankOne in a $60bn ([euro]47bn) deal that signals a desire to prioritise growth in retail banking over investment banking .JP Morgan has agreed to buy BankOne, one of the largest retail banks in the US, in a deal that creates the world's second biggest financial services company. It will have assets of $1.1 trillion and a market value of about $130bn.
The deal represents a large and important piece of business for the US operations of Lazard , which advised BankOne on the deal. It is the biggest merger since the tie-up of Pzizer and Pharmacia in July 2002 - another deal Lazard was involved ...