Saturday, April 08, 2006

J.P. Morgan and BNY ink deal

As had been speculated, JPM and BNY announced the asset-swap deal.

"The swap values the Bank of New York business at $3.1 billion, and JPMorgan's trust unit at $2.8 billion. Bank of New York will receive $150 million in cash, and up to $50 million tied to new account openings at Chase.
Adding Bank of New York's 338 branches allows JPMorgan Chief Executive Jamie Dimon to extend his market-leading retail presence in the affluent New York metropolitan area, as rivals such as Bank of America Corp. (NYSE:BAC - News), Wachovia Corp. (NYSE:WB - News) and Commerce Bancorp Inc. (NYSE:CBH - News) expand there."


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