Word: retailing
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...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...
...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 that were Chevys are now Ferraris...
...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 was one of the first outsiders to call his former protege to congratulate...
...Holdings began trading for the first time on Jan. 13, and Wong, a 50-year-old garment importer-exporter, was one of the lucky few who had obtained shares of the hot China stock at its initial public offering (IPO) price of 16?. That was no easy task, since retail investors ordered 1,604 times more shares than China Green had undertaken to sell, making it the most popular IPO in Hong Kong history. On the opening day of trading, Wong and about a dozen other investors gathered at a branch of brokerage KGI Asia in the city's North...
...there are ominous signs of irrational exuberance. For example, China Green earned just $31 million in revenues and $14 million in profits in its last fiscal year from its distinctly unsexy business of growing cabbages and other produce and selling packaged vegetables such as boiled corn. Yet Hong Kong retail investors put in orders for nearly $4 billion of its stock, acting as if this tiny firm with about 150 employees is destined to become a global titan. In the short term, such suspension of disbelief can be highly profitable, but it can also prove to be an excellent...