Chase Manhattan Corp. to purchase J.P. Morgan
Published:
14 December 2000 y., Thursday
The Federal Reserve on Monday approved Chase Manhattan Corp.’s $35.2 billion purchase of investment bank J.P. Morgan, a deal uniting two of Wall Street’s oldest names to create one of the nation’s biggest banking companies. THE VOTE WAS 4-0 by the central bank’s board of governors, who determined that the merger would not threaten competition. The merger, announced in September, is expected to be completed within the first three months of next year.
Approval by the New York State Banking Department is still pending. The U.S. Justice Department and the Federal Trade Commission gave their approval several weeks ago. Chase and J.P. Morgan, both based in New York City, have scheduled votes by their shareholders for Dec. 22. The combined company will be called J.P. Morgan Chase and Co. It will have about $668 billion in assets, rivaling Bank of America Corp., with about $679 billion in assets, as the second-largest bank holding company in the United States. It will trail Citigroup, which had $791 billion in assets as of June 30.
Šaltinis:
ASSOCIATED PRESS
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
New rules for the EU's single market will make it easier to live and do business anywhere in Europe.
more »
MEPs were disappointed that the Commission's EU budget review document had not sought the radical revision that the EU needs, they told Budgets Commissioner Janusz Lewandowski in a Policy Challenges Committee debate on Thursday.
more »
On 25 October, the Commission adopted the decision to financially support the 2011 electoral process in the Central African Republic.
more »
New EU framework for crisis management in the financial sector for managing problems before they spiral out of control.
more »
The financial crisis laid bare the limits of self-regulation, demonstrating the need for strong EU economic governance, surveillance and policy co-ordination, say two non-legislative resolutions voted by Parliament on Wednesday.
more »
The European Commission has approved an application from Germany for assistance from the European Globalisation adjustment Fund (EGF).
more »
Global and EU- level taxes on financial sector would help to fund international challenges such as development or climate change and fix the fallout from the global economic crisis.
more »
The European Investment Bank and African Development Bank today agreed to provide EUR 45m to design, build and operate onshore wind farms on four islands in the Cape Verde archipelago.
more »
MEPs want future EU budgets to accommodate new policy priorities as well as negotiations on new sources of financing.
more »
The European Parliament's Budgets Committee on Monday backed EU funding for 3,731 workers in Portugal, the Netherlands, Spain and Denmark who were made redundant due to the closure of their companies.
more »