Big News in Banking: Chase Merges With J.P. Morgan
The new company, which will be known as J.P. Morgan Chase, will have assets of $675 billion and will rank third as a financial services company following Citigroup Inc. and Bank of America Corp.
The buyout is attributed to being able to combine attributes of both companies as they seek a larger piece of the pie. Both firms had tried to add services like securities underwriting and merger advice to stay competitive with both Goldman Sachs Group Inc. and Morgan Stanley Dean Witter & Co.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.