National Bank Of America
CNN MOney - Bank merger mania is back
Bank of America's announcement of a $47 billion acquisition of FleetBoston Financial Monday sparked a new round of bank takeover speculation, reminding many on Wall Street of the merger mania that swept through the sector five years ago.
Bank of America agreed to buy FleetBoston Financial for $47 billion in stock. CNNfn's Darby Mullany reports.
"For big banks that want to remain major players, this move is going to force them to make strategic mergers, just like 1998," said Gerard Cassidy, an analyst with RBC Capital Markets.
In April of 1998, three enormous deals were announced: Citicorp and Travelers merged to form Citigroup, Bank One acquired First Chicago NBD, and Bank of America and NationsBank got hitched. Two months later, Wells Fargo and Norwest agreed to a deal.
It appears that Wall Street is now lining up for tickets to the bank merger sequel.
J.P. Morgan Chase, Bank One plan merger
CHICAGO (AP) — J.P. Morgan Chase & Co. and Bank One Corp. teamed up to form a new banking powerhouse Wednesday, announcing they are merging in a $58 billion deal that will create the second-largest U.S. banking company.
The merged company, to retain the J.P. Morgan Chase name and be based in New York, will have assets of $1.1 trillion with 2,300 branches in 17 states, the two banks said after the markets closed. As many as 10,000 job cuts are possible, the companies said.
When will Uncle Sam put a halt to these mergers? When one of these megabanks fails, who is going to bail them out and at what cost?
How long before a half a dozen banks control 80 to 90% of the Banking Market?
Here is a list of the
100 largest banks as of 2001. You will observe that the larger banks seem the ones doing the most beefing up, getting bigger & bigger all the time.
