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J.P. Morgan completes Bank One deal

/ Source: The Associated Press

J.P. Morgan Chase & Co. has completed its $58 billion purchase of Bank One Corp., forming the nation's second-largest bank with more than $1 trillion in assets, company officials announced Thursday.

J.P. Morgan Chase acquired Chicago-based Bank One's Midwest banking strength, $290 billion in assets and 1,800 branches in 14 states.

It also gets a successor to 60-year-old chief executive William B. Harrison Jr., who agreed to give up that post in 2006 to Jamie Dimon, Bank One's CEO. Dimon is president and chief operating officer in the interim.

Bank One stockholders are getting 1.32 shares of J.P. Morgan Chase common stock for each Bank One common share. J.P. Morgan Chase stock will continue to trade on the New York Stock Exchange under the ticker symbol "JPM."

This merger created a company with assets of $1.1 trillion — a powerhouse in corporate and retail banking with 2,300 branches that trails only Citigroup's $1.19 trillion.

The deal has come at a steep price for the combined work force of 145,000, with as many as 10,000 employees expected to lose their jobs when operations are integrated.