J.P. Morgan completes Bank One purchase, forming nation's second-largest bank

Wednesday, June 30th 2004, 6:08 am
By: News On 6

CHICAGO (AP) _ J.P. Morgan Chase & Co. has completed its $58 billion purchase of Bank One Corp., forming the nation's second-largest bank with more than $1 trillion in assets, company officials announced Thursday.

Bank One stockholders are getting 1.32 shares of J.P. Morgan Chase common stock for each Bank One common share.

Chicago-based Bank One, with 1,800 branches in 14 states, has particular strength in the Midwest. In all, the combined company will have 2,300 branches and assets of $1.1 trillion, trailing only Citigroup's $1.19 trillion.

J.P. Morgan Chase's 60-year-old chief executive, William B. Harrison Jr., agreed to give up that post in 2006 to Jamie Dimon, Bank One's CEO. Until then, Dimon is to be president and chief operating officer.

As many as 10,000 employees out of the combined work force of 145,000 were expected to lose their jobs when operations are integrated.