Question
J. P. Morgan Chase & Co. and Bank One Corporation to Merge
http://biz.yahoo.com/bw/040114/145787_1.html
J. P. Morgan Chase & Co. (NYSE:JPM (http://finance.yahoo.com/q?s=jpm) - News (http://finance.yahoo.com/q/h?s=jpm)) and Bank One Corporation (NYSE:ONE (http://finance.yahoo.com/q?s=one) - News (http://finance.yahoo.com/q/h?s=one)) today announced that they have agreed to merge in a strategic business combination establishing the second largest banking franchise in the United States, based on core deposits. The combined company will have assets of $1.1 trillion, a strong capital base, 2,300 branches in seventeen states and top-tier positions in retail banking and lending, credit cards, investment banking, asset management, private banking, treasury and securities services, middle-market, and private equity. With balanced earnings contributions from retail and wholesale banking, the combined company will be well-positioned to achieve strong and stable financial performance and increase shareholder value through its balanced business mix, greater scale, and enhanced efficiencies and competitiveness.
Answer
Originally posted by EPS:
J. P. Morgan Chase & Co. and Bank One Corporation to Merge
http://biz.yahoo.com/bw/040114/145787_1.html
J. P. Morgan Chase & Co. (NYSE:JPM (http://finance.yahoo.com/q?s=jpm) - News (http://finance.yahoo.com/q/h?s=jpm)) and Bank One Corporation (NYSE:ONE (http://finance.yahoo.com/q?s=one) - News (http://finance.yahoo.com/q/h?s=one)) today announced that they have agreed to merge in a strategic business combination establishing the second largest banking franchise in the United States, based on core deposits. The combined company will have assets of $1.1 trillion, a strong capital base, 2,300 branches in seventeen states and top-tier positions in retail banking and lending, credit cards, investment banking, asset management, private banking, treasury and securities services, middle-market, and private equity. With balanced earnings contributions from retail and wholesale banking, the combined company will be well-positioned to achieve strong and stable financial performance and increase shareholder value through its balanced business mix, greater scale, and enhanced efficiencies and competitiveness.
I have to comment on the "enhanced efficiencies." I opened a mortgage with Chase on 11/25. As of 1/15 (50 days later) the branch cannot see that I have a loan with the bank, cannot accept payment on the loan (but will "mail it in for me"), nor can I see the loan online. I was told it would be 4-6 months before the loan could be seen by the branch or online.
Hmmm, efficiences. I dont buy it.
--Jim