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J.P. Morgan completes Bank One acquisition

July 1, 2004 at 12:37 PM   |   Comments

NEW YORK, July 1 (UPI) -- J.P. Morgan Chase said Thursday it completed its acquisition of Chicago's Bank One for $58 billion.

By buying Bank One, the New York investment bank will create the second-largest banking group in the United States. The newly-merged company will continue to be called J.P. Morgan Chase & Co., and it will remain based in New York.

The deal will allow J.P. Morgan to expand its Chase name, under which it operates its commercial banking operations, to retail branches into the Midwest as well as the Southwest.

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