|
|
Article: J.P. Morgan Chase Agrees to Buy Bank One; $58 Billion Stock Swap Would Create a $1.1 Trillion Entity Rivaling Citigroup
- Article from:
- The Washington Post
- Article date:
- January 15, 2004
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
|
J.P. Morgan Chase & Co., the nation's second-largest bank, has
agreed to buy Bank One Corp. in a stock swap valued at $58 billion,
the companies announced yesterday.
The merger, which is subject to approval by shareholders and
regulators, would create a $1.1 trillion bank that would rival
Citigroup, the world's largest financial institution, in retail and
corporate banking -- and in asset size.
J.P. Morgan, which operates in only four states -- New York, New
Jersey, Connecticut and Texas -- would gain a foothold in more than a
dozen additional states by buying Chicago-based Bank One. The deal
would give it retail outlets throughout the Midwest, as far south as
Florida and as far west as ...