Chase buy BankOne

Gonz

Gonz

molṑn labé
Staff member
There goes the neighborhood

J.P. Morgan Chase & Co. and Bank One Corp. teamed up to form a new banking powerhouse Wednesday, announcing that they are merging in a $58 billion deal that would create the second-largest U.S. banking company.

The new company, which plans to eliminate up to 10,000 jobs, would be called J.P. Morgan Chase and be based in New York. It would have assets of $1.1 trillion with 2,300 branches in 17 states, the two banks said after the markets closed.

Only Citigroup, with assets of about $1.19 trillion and operations in more than 100 countries, would be bigger if shareholders and regulators approve the pairing of J.P. Morgan, the nation's third-largest bank holding company, with Bank One, the sixth-largest.

The agreement was unanimously approved by both companies' boards of directors.
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Crap, I just got away from Chase last year. I have a BankOne card, I should probably start thinking of getting rid of it.
 
Rose said:
It scares me when companies turn conglomerate and get so big. :s
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Ditto, there is far too much power here now in two companies. (Chase/BankOne and Citigroup)

I guess we'll see though.
 
They have *the worst* customer service I've ever experienced. And their approval procedures are retarded too. I was building my credit, had a few cards that had rates under 8% with limits up to $11,000. and Chase refused to raise the $1500. limit or lower the 12% interest rate on my card.
 
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