JPMorgan Chase & Co acquires Bank One Corporation

JPMorgan Chase & Co acquired Bank One Corporation for All-stock merger — 1.32 JPMorgan Chase shares exchanged for each Bank One share; the combination created a firm with roughly $1.1 trillion in assets and about $130 billion in combined market capitalization, a transaction completed in July 2004, structured as all stock. The deal was a Merger.

Bank One Corporation operates in Consumer & retail banking, is based in Chicago, Illinois, USA. JPMorgan Chase agreed to merge with Chicago-based Bank One in a stock-for-stock deal that created the second-largest U.S. banking franchise by core deposits, with about 2,300 branches across seventeen states and top-tier positions in retail banking, credit cards, investment banking and asset management. The companies projected roughly $2.2 billion of pre-tax cost savings over three years. William Harrison became chairman and CEO and Bank One's Jamie Dimon became president and COO, positioning Dimon to succeed to the top job.

A balanced business mix combining JPMorgan Chase's wholesale strength with Bank One's consumer and card franchise, adding scale and geographic reach.

About $2.2 billion of expected pre-tax cost savings over three years Retail Financial Services business headquartered in Chicago; corporation headquartered in New York

This landmark transaction will create one of the world's great financial services companies.William B. Harrison, Chairman and CEO, JPMorgan Chase

The merger of Bank One and JPMorgan Chase makes tremendous sense strategically.James Dimon, Chairman and CEO, Bank One

Advisory firms were not disclosed for this transaction.

You're subscribed.

Thanks for signing up.