Word: mergers
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Wednesday's announcement of a mega-merger between J. P. Morgan and Chase Manhattan signals much more than the union of two of the greatest names in American banking...
Congress helped set off the deal-making avalanche last year by doing away with the Glass-Steagall Act, a Depression-era law that made it illegal for commercial banks to underwrite stocks, bonds and insurance. That removed obstacles to the merger of Travelers Group, an insurance and brokerage behemoth, with Citicorp, one of the nation's largest banking companies...
...would buy Donaldson, Lufkin & Jenrette. And the Union Bank of Switzerland is trying to acquire Paine Webber. Deutsche Bank, Germany's largest private financial institution, not long ago purchased Bankers Trust in New York and the Baltimore-based Alex. Brown investment bank, but failed to pull off a merger with its longtime domestic rival, Dresdner Bank. Still intent on growth, Dresdner is set to buy Wasserstein Perella, another U.S. deal-maker, for some $1.3 billion...
Japan is also awash in mergers, but with a difference. Instead of trying to compete with U.S. and European banks, the country's financial institutions are combining to avoid bankruptcy following a decade of recession and bad loans. Simple survival was the driving force behind the recent merger of Fuji Bank, Dai-Ichi Kangyo and the Industrial Bank of Japan, three laggard giants whose combined assets of $1.2 trillion make it the largest financial-services company in the world...
...biggest asset managers in the U.S. wasn't good enough. The firm was already losing out on business to bigger rivals, and CEO Sandy Warner had warned employees - who own 30 percent of the stock - that the bank could face a takeover if revenues did not pick up. The merger is designed to solve that problem by combining Chase's huge client base with Morgan's investment expertise. "This is a story about growth," says Warner. "It's really that simple...