Bank of New York and J. P. Morgan Agree to Swap Assets

[WhiteTara]

just like monopoly

http://www.nytimes.com/2006/04/09/business/09bank.html?hp&ex=1144555200&en=1ce953ba5fdd88c3&ei=5094&partner=homepage

J.P. Morgan Chase said yesterday that it had agreed to swap its corporate trust business for virtually all of Bank of New York's branches in the metropolitan area. The $3.1 billion deal highlights the appeal and the challenges of the country's wealthiest banking market.

The deal will give J.P. Morgan 338 additional branches, solidifying its dominance in the area at a time when rivals like Citigroup and Bank of America are aggressively trying to expand their market share. The branches will be turned into Chase branches starting next spring.

Bank of New York, meanwhile, will nearly double the size of its corporate trust business, which handles record-keeping for corporate debt issues. The unit has become a major part of the bank's strategy as its retail operations have struggled.

The transaction, which was widely expected and will be completed in the third or fourth quarter, underscores how big a battleground for deposits the region has become.

[Slit Skirt]

1. I would like to buy two hotels on Park Place and Boardwalk

and my community chest card says all republicans must go to jail...do not pass go and do not collect money from Jack Abramof

[SoCalDem]

2. Not me.. EVERYONE lands on Mediterranean & Baltic

and you can put hotels on them very cheaply.. I always WIN with those two and the light blue ones :)