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Article: Once-mighty JP Morgan on the rack after disastrous fees-for-loans foray BUSINESS ANALYSIS JP Morgan's dream of emulating Citigroup turned to nightmare when the bubble burst
- Article from:
- The Independent (London, England)
- Article date:
- September 27, 2002
- Author:
CopyrightCopyright 2002 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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IN THE mid-1990s, Bill Harrison, chief executive of Chase
Manhattan, started to dream of taking his hugely successful
commercial bank and using it to bulldoze his way into investment
banking, not stopping before he broke into the bulge bracket that
contained Merrill Lynch, Goldman Sachs and Morgan Stanley.
By September 2000, Mr Harrison believed he had made that dream a
reality. Having eyed up his smaller rival, JP Morgan, for years, Mr
Harrison managed to woo it away from other suitors Deutsche Bank and
Goldman Sachs, eventually paying $30bn (pounds 20bn) for the prize.
Even at the time, the price looked generous. But Mr Harrison and
his team had seen what a success Citigroup had made of ...
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