Scott Hanselman

J.P. Morgan Chase to acquire BankOne

January 14, '04 Comments [1] Posted in eFinance
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J.P. Morgan to buy Bank One
The deal could be worth $60 billion, the Wall Street Journal reports.

NEW YORK (CNN/Money) - J.P. Morgan Chase & Co. has agreed to acquire Bank One Corp. for an estimated $60 billion, according to a published report Wednesday.

The deal would combine two of the nation's largest financial institutions, the Wall Street Journal online reported, citing a person familiar with the matter. J.P. Morgan is the No. 2 bank, and Bank One the No. 6. bank.

Shares of Bank One (ONE: Research, Estimates) rose 14 percent in after-hours trading, while J.P. Morgan (JPM: Research, Estimates) shares slipped 3 percent.

About Scott

Scott Hanselman is a former professor, former Chief Architect in finance, now speaker, consultant, father, diabetic, and Microsoft employee. He is a failed stand-up comic, a cornrower, and a book author.

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Wednesday, January 14, 2004 10:57:12 PM UTC
Talk about keeping up with the Joneses!

The second I saw that JPMC was about to become #3 because of the BofA/Fleet merger, I just knew they would do something to retain their spot. :)
Rocco
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Disclaimer: The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.