JP Morgan Chase have announced an agreement to merge with US rival Bank One for about $58bn in stock. The merged bank will become the second largest in the US with an estimated market value of about $130bn, assets of $1,100bn, and 2,300 domestic branches. In a statement, JP Morgan’s chairman and chief executive, William Harrison, said, ‘This would enable us on the consumer side to continue to participate in the consolidation process.’ According to a report in the Financial Times, JP Morgan will pay 1.32 shares for each Bank One share, valuing the Chicago-based bank’s shares at $51.77, based on a closing price of $39.22 on the day of the merger announcement. Following the announcement, Moody’s Investors Service, the ratings agency, placed all long-term ratings of JP Morgan and its subsidiaries on review for upgrade and affirmed all ratings of Bank One. Bank of America announced a $47bn purchase of FleetBoston Financial last October.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more