May 8, 2002 |
Wells Fargo & Co., the fifth-largest U.S. bank, agreed to buy part of J.P. Morgan Chase & Co.'s corporate trust and custody businesses in Rochester, N.Y., Dallas and Houston to add about 700 customers. San Francisco-based Wells Fargo didn't disclose the terms. The assets include the management of 401(k) retirement and profit-sharing plans for mostly mid-sized companies, said Laurie Nordquist, executive vice president in charge of Wells' institutional trust unit.
July 19, 2001 |
J.P. Morgan Chase & Co.'s second-quarter profit fell 61% as the No. 2 U.S. bank wrote off $1 billion of investments in private companies and as fees from underwriting and trading securities dropped. J.P. Morgan reported profit from operations dropped to $690 million, or 33 cents a share, from $1.76 billion, or 89 cents, a year earlier. That was below the lowest estimate of 55 cents among analysts surveyed by First Call/Thomson Financial. The average estimate was 65 cents.
July 18, 2001 |
Wells Fargo & Co. on Tuesday reported a second-quarter loss after taking $1.16 billion in charges, mainly tied to venture capital losses in technology and telecommunications investments. The San Francisco-based bank had a loss of $87 million, or 5 cents a share, compared with earnings of $1.04 billion, or 61 cents a share, in the second quarter of 2000. Wells Fargo joins other U.S. banks, including J.P. Morgan Chase & Co., that face losses from venture capital investments. J.P.
January 30, 2001
J.P. Morgan Chase & Co. and Wells Fargo & Co. joined auto finance firm AmeriCredit Corp. to formed a Web-based auto finance company. The Internet business-to-business system, called DealerTrack, will enable auto dealers and lenders to share technology and let dealers submit a consumer's credit application online to multiple financing companies. * Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at http://www.latimes.
December 12, 2000 |
Chase Manhattan Corp., the No. 2 U.S. bank, won approval from the Federal Reserve Board to buy rival J.P. Morgan & Co., a $28.6-billion acquisition that would unite two of the oldest U.S. banks. The New York state banking board, which has yet to approve the merger, is scheduled to meet Thursday. A shareholder meeting for both companies has been set to approve the merger on Dec. 22. Chase offered 3.7 of its shares for each of J.P. Morgan's, valuing the fifth-largest U.S. bank at $157.
September 14, 2000 |
Chase Manhattan Corp. made its bid for J.P. Morgan & Co. official on Wednesday, offering $35.6 billion in stock to unite two of the oldest U.S. banking firms. The deal, rumored since Monday, creates a financial powerhouse that expects to be a one-stop source of financial products and advice for businesses and wealthy individuals worldwide--going head-to-head with such rivals as Citigroup, Goldman Sachs and Merrill Lynch & Co. Each Morgan share will be exchanged for 3.