Word: chased
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...last summer, Dimon was dismissing this theory as nonsense. "Whoever says that I have something to prove doesn't know me that well," the fast-talking New Yorker told TIME. Last week, even after announcing Bank One's $58 billion merger with New York City--based J.P. Morgan Chase, Dimon was sticking to his lines. "It is all psychobabble," he said late last week. "I didn't need to come back to New York...
...come back he has, and by combining the retail network of Bank One with J.P. Morgan Chase's investment-banking power, Dimon is setting up what will arguably be the only broad, financial-services behemoth that can give his alma mater a serious run for its money. Although the two banks' retail customers shouldn't immediately experience any changes as a result of the marriage--Bank One's consumer business is centered in the Middle West and Southwest, J.P. Morgan Chase's in the Northeast, with an overlap only in Texas--shareholders are counting on Dimon to boost their fortunes...
...needed a major acquisition for the bank to reach critical mass. When Bank of America beat him in the race to take over FleetBoston Financial in October 2003, he knew he had to move fast or get left behind in the rapid consolidation of the banking industry. J.P. Morgan Chase, which had stumbled after the downturn on Wall Street in 2000 and was looking for a bigger retail presence, as well as an eventual successor to CEO Harrison, turned out to be the ideal match. "Every single one of our businesses is enhanced," Dimon said last week. "Even the ones...
Certainly there's no guarantee that the merger will succeed. The vast majority of big-bank combinations have failed to deliver on their promise, largely as a result of a clash of cultures and loss of focus, and the new J.P. Morgan Chase will still lack the global reach and insurance breadth of Citigroup (the former might also want to acquire a retail brokerage). But as much as anything else, investors are banking on Dimon's stubborn pride to make sure this one will be different. Weill and Dimon may have patched things up at a personal level--indeed, Weill...
...debate are plenty of women who find their libidos drained by surgery, menopause, crying infants or overwork. Plus, there is a significant minority still seeking the zipless interaction popularized by Erica Jong in Fear of Flying: skip the relationship, the candlelight and the wine, and cut to the chase. I know at least one respectable grandma who is preparing for the advent of a female Viagra by stocking up on batteries for her vibrator...