Bank merger, JP Morgan Chase NY buys out Bank One to form the nations 2nd largest bank

[RossMAN]

News story

I wonder how many layoffs/overlapping there will be?

 

[RossMAN]

Google story

The new JP Morgan Chase Bank will be the 2nd largest bank in the USA behind CitiGroup which has $1.19 Trillion in assets.

 

[PlatinumGold]

wow, when it's all said and done, there won't be more than 5 or 6 large banks left.

OTOH a local bank just started up recently, they have all of 5 locations. i remember when they had just one location about 5 yrs ago.

 

[RossMAN]

Originally posted by: PlatinumGold
wow, when it's all said and done, there won't be more than 5 or 6 large banks left.

OTOH a local bank just started up recently, they have all of 5 locations. i remember when they had just one location about 5 yrs ago.

Yep.

It cracks me up that I receive the best service, lowest fees and favorable rates through my po-dunk 1 branch credit union than I do with a corporate bank.

Credit Unions > Banks

 

[edro]

I wonder how much they paid for it? 1 Million dollars? or 100 Billions Dollars!!11

 

[edro]

Oh, it is 60 Billion!

 

[Vic]

Originally posted by: edro13
I wonder how much they paid for it? 1 Million dollars? or 100 Billions Dollars!!11

$60 billion:Q

 

[RossMAN]

Originally posted by: Vic

Originally posted by: edro13
I wonder how much they paid for it? 1 Million dollars? or 100 Billions Dollars!!11

$60 billion:Q

I'd love to have pockets that deep ... worldwide ATOT usermeet in Bahamas!

 

[bcterps]

Originally posted by: RossMAN
News story I wonder how many layoffs/overlapping there will be?

Tough to say, in the retail banking sector, I believe Bank One and Chase don't compete too much geographically. This certainly strengthens their credit card offerings, there may be some considerable overlap in that area. I'm not too surprised, JPMC has been focusing on expanding it's retail presence big time so that they can push more wealth management products.

 

[RossMAN]

Originally posted by: benchiu

Originally posted by: RossMAN
News story I wonder how many layoffs/overlapping there will be?

Tough to say, in the retail banking sector, I believe Bank One and Chase don't compete too much geographically. This certainly strengthens their credit card offerings, there may be some considerable overlap in that area. I'm not too surprised, JPMC has been focusing on expanding it's retail presence big time so that they can push more wealth management products.

You brought up a good point. Bank One has a strong consumer credit (credit cards) presence, this should definitely beef up Chase's offerings.

Looks like I'll payoff my Chase Perfect Card, close it and wait a few months to see what kind of new products/offers they'll dangle in front of me

 

[bigalt]

what happens when your bank gets bought out?

 

[Atrail]

My bro got layed off from JP Decmeber last year when IBM won a huge IT service contract from them.
He was making good bucks consulting there though for awhile.

 

[bcterps]

Originally posted by: bigalt
what happens when your bank gets bought out?

It depends on what kind of move it is. When Chase bought JP Morgan a few years ago, there was not as much overlap since both companies were focused on different financial areas. The merger with Bank One dwarfs the merger with JP Morgan though. It'll be interesting to see how they handle bringing this together, especially brand wise.

 

[LadyJessica]

I wonder how much they paid for it? 1 Million dollars? or 100 Billions Dollars!!11

Damn! With that kind of money, you could take the world hostage.

 

[Ameesh]

Originally posted by: RossMAN

Originally posted by: PlatinumGold
wow, when it's all said and done, there won't be more than 5 or 6 large banks left.

OTOH a local bank just started up recently, they have all of 5 locations. i remember when they had just one location about 5 yrs ago.

Yep.

It cracks me up that I receive the best service, lowest fees and favorable rates through my po-dunk 1 branch credit union than I do with a corporate bank.

Credit Unions > Banks

i get fantastic service through my BofA, i've never liked credit unions because they dont have the resources to offer you things that a more prominent bank does. And IMO getting better rates at credit unions is a myth, i opened an account with one last year and my BofA always got me better rates then the local Credit Union.

BofA >> credit unions

 

[RossMAN]

Was anyone else aware that BOFA/Fleet are merging?

 

[wyvrn]

Originally posted by: RossMAN

Originally posted by: PlatinumGold
wow, when it's all said and done, there won't be more than 5 or 6 large banks left.

OTOH a local bank just started up recently, they have all of 5 locations. i remember when they had just one location about 5 yrs ago.

Yep.

It cracks me up that I receive the best service, lowest fees and favorable rates through my po-dunk 1 branch credit union than I do with a corporate bank.

Credit Unions > Banks

Bingo.

I refuse to give up my CU account that I have had for 13 years even though all my friends think I should use a bank just to get online bill pay for free (a $5 savings every month). None of them have ever used a credit union and they just don't get it. If I added all the savings up (considering rates, fees, and add-on services) that I get through my credit union, $5 a month would look like a drop in the bucket. Besides the fact I don't even use online bill pay because about 75% of my creditors have free webpay anyway, and I don't mind writing a couple of checks every month. That doesn't even take into account the service differences.

 

[Electric Amish]

Originally posted by: wyvrn

Originally posted by: RossMAN

Originally posted by: PlatinumGold
wow, when it's all said and done, there won't be more than 5 or 6 large banks left.

OTOH a local bank just started up recently, they have all of 5 locations. i remember when they had just one location about 5 yrs ago.

Yep.

It cracks me up that I receive the best service, lowest fees and favorable rates through my po-dunk 1 branch credit union than I do with a corporate bank.

Credit Unions > Banks

Bingo.

I refuse to give up my CU account that I have had for 13 years even though all my friends think I should use a bank just to get online bill pay for free (a $5 savings every month). None of them have ever used a credit union and they just don't get it. If I added all the savings up (considering rates, fees, and add-on services) that I get through my credit union, $5 a month would look like a drop in the bucket. Besides the fact I don't even use online bill pay because about 75% of my creditors have free webpay anyway, and I don't mind writing a couple of checks every month. That doesn't even take into account the service differences.

My CU has free online bill pay.

Hopefully this will fix Bank One. Their customer service sucks the big one (my mom uses Bank one).

 

[wyvrn]

Originally posted by: Electric Amish


My CU has free online bill pay.

Hopefully this will fix Bank One. Their customer service sucks the big one (my mom uses Bank one).

Mine will too eventually. They have just gone state-wide, whereas before they were local to DFW only. In the meantime, the benefits I enjoy otherwise make it worthwhile to stay put.

 

[RossMAN]

Originally posted by: Electric Amish

Originally posted by: wyvrn

Originally posted by: RossMAN

Originally posted by: PlatinumGold
wow, when it's all said and done, there won't be more than 5 or 6 large banks left.

OTOH a local bank just started up recently, they have all of 5 locations. i remember when they had just one location about 5 yrs ago.

Yep.

It cracks me up that I receive the best service, lowest fees and favorable rates through my po-dunk 1 branch credit union than I do with a corporate bank.

Credit Unions > Banks

Bingo.

I refuse to give up my CU account that I have had for 13 years even though all my friends think I should use a bank just to get online bill pay for free (a $5 savings every month). None of them have ever used a credit union and they just don't get it. If I added all the savings up (considering rates, fees, and add-on services) that I get through my credit union, $5 a month would look like a drop in the bucket. Besides the fact I don't even use online bill pay because about 75% of my creditors have free webpay anyway, and I don't mind writing a couple of checks every month. That doesn't even take into account the service differences.

My CU has free online bill pay.

Hopefully this will fix Bank One. Their customer service sucks the big one (my mom uses Bank one).

My CU also offers free online bill pay which I use every month. I haven't written a check in over a year.