September 13, 2000 |
Banking giant Chase Manhattan Corp. was in talks Tuesday to acquire rival J.P. Morgan & Co., in a deal that could be worth more than $30 billion, sources said. The merger, which could be announced as early as today, would unite two of the oldest U.S. banks, changing the landscape of the banking and investment-banking businesses in the United States and abroad. The boards of both companies met Tuesday to discuss the purchase, sources said. Morgan, the fifth-largest U.S.
October 19, 1999 |
Bank of America Corp., Citigroup Inc. and J.P. Morgan & Co. on Monday reported sharply higher quarterly earnings as the major financial institutions rebounded since last year's market rout, meeting or beating analysts' expectations. Meanwhile, Bank of New York Co. provided some disappointment as it was able to beat expectations only after booking a one-time gain on the sale of some of its businesses. The strong U.S.
October 5, 1999 |
Rite Aid Corp. said it hired J.P. Morgan & Co. to help evaluate offers for its PCS Health Systems business, as the nation's third-largest drugstore company moves to reduce debt. Rite Aid said it has received "indications of interest" in PCS, which manages prescription-drug benefits programs. The retailer, based in Camp Hill, Pa., plans to review all offers.
June 23, 1999 |
J.P. Morgan Investment Management Inc. chief investment strategist Chris Durbin recommended Tuesday selling bonds and U.S. stocks and buy stocks in Japan, Europe and emerging markets. "We don't like the U.S. equity market from a macro standpoint," Durbin told reporters. J.P. Morgan's strategy has been to invest "where growth is surprising" and to sell "where growth is a negative, and that's where we see the U.S. transitioning today." He said he expects the U.S.
March 12, 1999 |
J.P. Morgan & Co. Chairman Douglas Warner III got about $7.4 million in compensation last year, including stock options, while the bank's profit dropped 34% to $963 million, according to a government filing Thursday. He also realized another $5.2 million on options exercised last year, boosting the amount he took home to $12.6 million. In 1997, Warner's pay package was about $7.6 million, including options and a higher bonus. He also realized $3.
February 26, 1999 |
J.P. Morgan Names L.A. Chief: Wall Street investment banking powerhouse J.P. Morgan appears to be raising the status of its L.A. office by naming Robert Woolway to head the 80-person operation. Woolway, a former managing director in Merrill Lynch's L.A. office, will become the first chief of Morgan's downtown office. The branch had previously been directed from San Francisco, a spokeswoman said.
January 15, 1999 |
Despite a weeklong sell-off in many stocks, U.S. banks are fairly well-positioned to withstand Brazil's unexpected currency devaluation, experts said Thursday. Banks aggressively reduced their lending and securities trading activity in Brazil throughout last year, amid growing concern about the Latin American nation's precarious economic condition. Though some losses are likely, they should be far smaller than those resulting from last year's surprise devaluation and debt default in Russia.
October 20, 1998 |
J.P. Morgan & Co. said its third-quarter earnings plunged a greater-than-expected 69% to $122 million, or 58 cents a share, as slumping worldwide markets hurt trading revenue. Analysts were expecting 81 cents a share. But Morgan stock, already battered in anticipation of bad results, rose $3.38 to close at $92.88 on the New York Stock Exchange on optimism that the worst is over at the U.S.' fourth-largest bank.
September 24, 1998
J.P. Morgan & Co. said it added seven people to its offices in California, including its first municipal finance employees in Los Angeles, to improve its West Coast public finance coverage. Garth Salisbury, a vice president who transferred from the company's New York office to San Francisco last month, will lead the public finance team for the Western U.S. J.P.