Word: morgan
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...recently as 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...
...other countries. The memo was clearly a hardball negotiating tactic. Faced with this threat, France and Germany finally relented and agreed to forgive some of Iraq's debt. In the end, the U.S. will reconsider the policy on contracts in Iraq. Apparently, Elliott knows nothing of real-world negotiations. MORGAN CONRAD Montara, Calif...
...parents who really need their child to take the animal, is there any hope? Maybe. Morgan Whittaker feels her responsibility to her cats--and her besieged dad--keenly. She inherited three cats at the age of 16, and now they live at home with Pop. "For next year," she says, "my top priorities are an apartment and a roommate who likes cats...