News Topic - J.P. Morgan Chase
Articles 1 - 10 of most recent articles
AIG prices 2 offers, will raise $11.9 bln vs. $7.5 bln plan
TEL AVIV (MarketWatch) -- American International Group Inc., the New York insurance and financial-services provider, priced an offering of 171.1 million common shares at $38, valuing the deal at $6.5 billion. In a statement late on Monday, AIG also said it priced an offering of 72 million equity units at $75 each, a deal value of $5.4 billion. The "threshold appreciation price" of the units is $45.60, which represents a premium of 20% to the $38 price on the common-share offering, AIG said. The total deal value is $11.9 billion, up from AIG's plan to raise $7.5 billion. The underwriters also have options on 25.7 million more common shares and 6.4 million more equity units if demand for the offerings requires. AIG said it would use the funds for general purposes. Citigroup and J.P. Morgan Chase are running the books for the offerings. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 13, 2008 06:28 AM [GMT] ¦ comment?
found in Business: Markets
TEL AVIV (MarketWatch) -- American International Group Inc., the New York insurance and financial-services provider, priced an offering of 171.1 million common shares at $38, valuing the deal at $6.5 billion. In a statement late on Monday, AIG also said it priced an offering of 72 million equity units at $75 each, a deal value of $5.4 billion. The "threshold appreciation price" of the units is $45.60, which represents a premium of 20% to the $38 price on the common-share offering, AIG said. The total deal value is $11.9 billion, up from AIG's plan to raise $7.5 billion. The underwriters also have options on 25.7 million more common shares and 6.4 million more equity units if demand for the offerings requires. AIG said it would use the funds for general purposes. Citigroup and J.P. Morgan Chase are running the books for the offerings. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 13, 2008 06:28 AM [GMT] ¦ comment?
found in Business: Markets
Forecaster of the Month: Top economist Feroli hopes for 'ordinary times'
Top forecaster Michael Feroli of J.P. Morgan Chase Bank says it's a hard time to be an economic forecaster, even though he argues that people in his field to always think that the current economy is more uncertain than "ordinary times."
MarketWatch.com – May 12, 2008 04:01 AM [GMT] ¦ comment?
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Top forecaster Michael Feroli of J.P. Morgan Chase Bank says it's a hard time to be an economic forecaster, even though he argues that people in his field to always think that the current economy is more uncertain than "ordinary times."
MarketWatch.com – May 12, 2008 04:01 AM [GMT] ¦ comment?
found in Business
Bear vote on J.P. Morgan deal slated for May 29
BOSTON (MarketWatch) -- Bear Stearns Cos. in a filing Thursday said it will hold a special shareholder meeting on May 29 to vote on a proposed merger with J.P. Morgan Chase & Co. . If the merger is approved by shareholders, Bear Stearns, which nearly collapsed during the credit crunch, would become a subsidiary of J.P. Morgan. Failure to complete the merger could have "significant adverse effects" on Bear Stearns' employees, and the company could be forced to cut "significant numbers" of workers, according to the filing.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 8, 2008 12:52 PM [GMT] ¦ comment?
found in Business: Markets
BOSTON (MarketWatch) -- Bear Stearns Cos. in a filing Thursday said it will hold a special shareholder meeting on May 29 to vote on a proposed merger with J.P. Morgan Chase & Co. . If the merger is approved by shareholders, Bear Stearns, which nearly collapsed during the credit crunch, would become a subsidiary of J.P. Morgan. Failure to complete the merger could have "significant adverse effects" on Bear Stearns' employees, and the company could be forced to cut "significant numbers" of workers, according to the filing.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 8, 2008 12:52 PM [GMT] ¦ comment?
found in Business: Markets
CORRECT:Banks have sold off about half of hung loans
NEW YORK (MarketWatch) -- Banks and brokerage firms have managed to sell off about half of the roughly $300 billion of hung bridge loans on their books at the beginning of the credit crisis, according to the co-head of J.P. Morgan Chase's investment bank. The loans were money that banks had lent firms doing leveraged buyouts, with the intention of securitizing and selling them later. When the credit crisis hit, those banks were unable to sell the loans and had to take charges for moving them to their balance sheets. "If the stockpile of hung bridges was something like $300 billion at the beginning of the crisis, it's probably been reduced by half," J. P. Morgan's Bill Winters said on a Deutsche Bank-sponsored conference call Wednesday morning. "That's a combination of some bulk sales that you've all read about...I don't know about it firsthand, but Citibank and Deutsche Bank have been the two that have been in the press, but also material private sales, and Credit Suisse has reduced their book significantly. Lehman has reduced their book significantly. So that is something like a 50% or 60% reduction in the outstanding stock of originally hung bridges," he concluded. (Corrects figure for value of hung loans.)Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 7, 2008 6:50 PM [GMT] ¦ comment?
found in Business: Markets
NEW YORK (MarketWatch) -- Banks and brokerage firms have managed to sell off about half of the roughly $300 billion of hung bridge loans on their books at the beginning of the credit crisis, according to the co-head of J.P. Morgan Chase's investment bank. The loans were money that banks had lent firms doing leveraged buyouts, with the intention of securitizing and selling them later. When the credit crisis hit, those banks were unable to sell the loans and had to take charges for moving them to their balance sheets. "If the stockpile of hung bridges was something like $300 billion at the beginning of the crisis, it's probably been reduced by half," J. P. Morgan's Bill Winters said on a Deutsche Bank-sponsored conference call Wednesday morning. "That's a combination of some bulk sales that you've all read about...I don't know about it firsthand, but Citibank and Deutsche Bank have been the two that have been in the press, but also material private sales, and Credit Suisse has reduced their book significantly. Lehman has reduced their book significantly. So that is something like a 50% or 60% reduction in the outstanding stock of originally hung bridges," he concluded. (Corrects figure for value of hung loans.)Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 7, 2008 6:50 PM [GMT] ¦ comment?
found in Business: Markets
Downsizing on way as Bear, Morgan integrate: Morgan exec
NEW YORK (MarketWatch) -- J.P. Morgan Chase's co-head of its investment-banking unit said Wednesday he believes the integration of his firm and Bear Stearns is going well ahead of their planned tie-up. He said the blueprint for the top three levels of management at the combined firm are mostly complete. J.P. Morgan's Bill Winters, on a Deutsche Bank-sponsored conference call, added that it is the firms' plan to make sure that all Bear's current employees know whether they will have a job at the new firm by the date the buyout is closed. The deal is expected to close before the end of the year. "(It is) a little bit too early to say what proportion of the people will come in from Bear, but clearly, in this environment, J.P. Morgan was looking at whether we had the right number of bodies on board in any case. And as the environment has remained challenging, which it is, we would have been downsizing right now in any case. Bear would have been downsizing right now in any case. And, by virtue of the combination, we will certainly be downsizing," Winters said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 7, 2008 6:40 PM [GMT] ¦ comment?
found in Business: Markets
NEW YORK (MarketWatch) -- J.P. Morgan Chase's co-head of its investment-banking unit said Wednesday he believes the integration of his firm and Bear Stearns is going well ahead of their planned tie-up. He said the blueprint for the top three levels of management at the combined firm are mostly complete. J.P. Morgan's Bill Winters, on a Deutsche Bank-sponsored conference call, added that it is the firms' plan to make sure that all Bear's current employees know whether they will have a job at the new firm by the date the buyout is closed. The deal is expected to close before the end of the year. "(It is) a little bit too early to say what proportion of the people will come in from Bear, but clearly, in this environment, J.P. Morgan was looking at whether we had the right number of bodies on board in any case. And as the environment has remained challenging, which it is, we would have been downsizing right now in any case. Bear would have been downsizing right now in any case. And, by virtue of the combination, we will certainly be downsizing," Winters said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 7, 2008 6:40 PM [GMT] ¦ comment?
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J.P. Morgan to build energy business with Bear assets
NEW YORK (MarketWatch) -- Bill Winters, the co-head of J.P. Morgan Chase's investment bank, said Wednesdasy that the bank is looking forward to growing opportuniites in the energy business with assets it is acquiring via it purchase of Bear Stearns . "The energy business that Bear built up is a very nice complement to the energy business that we've been building up," Winters said on a Deutsche Bank-sponsored conference call Wednesday. " They've got principal activities in power stations across the U.S...which is an activity that we couldn't have involved ourselves with from a regulatory perspective, but we've gotten an exemption on as part of this transaction," he added. Winters also highlighted Bear's established prime brokerage business and its structured products operation as future growth drivers.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 7, 2008 6:29 PM [GMT] ¦ comment?
found in Business: Markets
NEW YORK (MarketWatch) -- Bill Winters, the co-head of J.P. Morgan Chase's investment bank, said Wednesdasy that the bank is looking forward to growing opportuniites in the energy business with assets it is acquiring via it purchase of Bear Stearns . "The energy business that Bear built up is a very nice complement to the energy business that we've been building up," Winters said on a Deutsche Bank-sponsored conference call Wednesday. " They've got principal activities in power stations across the U.S...which is an activity that we couldn't have involved ourselves with from a regulatory perspective, but we've gotten an exemption on as part of this transaction," he added. Winters also highlighted Bear's established prime brokerage business and its structured products operation as future growth drivers.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 7, 2008 6:29 PM [GMT] ¦ comment?
found in Business: Markets
Financials up as Fed expands liquidity plan, job losses slow
NEW YORK (MarketWatch) - U.S. financial stocks posted strong gains Friday morning after the Federal Reserve expanded a program to ease liquidity in troubled debt markets, and the government said that businesses lost fewer jobs than expected in April. The Federal Reserve, along with other central banks, said Friday that it was increasing the funding it provides to banks and that, for the first time, it was willing to accept bonds backed by auto loans and credit cards. And, the sector took heart from news job losses decelerated in April, suggesting that the nation's economic downturn may be short and shallow rather than long and severe. See full story. In early trading, the Financial Select Sector SPDR , an ETF that tracks the financial stocks in the S&P 500, added 2%. The Fed's move helped boost credit card companies, and Bank of America , J.P. Morgan Chase , Citigroup Inc , Discover Financial Services and American Express all rose.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 2, 2008 1:38 PM [GMT] ¦ comment?
found in Business: Markets
NEW YORK (MarketWatch) - U.S. financial stocks posted strong gains Friday morning after the Federal Reserve expanded a program to ease liquidity in troubled debt markets, and the government said that businesses lost fewer jobs than expected in April. The Federal Reserve, along with other central banks, said Friday that it was increasing the funding it provides to banks and that, for the first time, it was willing to accept bonds backed by auto loans and credit cards. And, the sector took heart from news job losses decelerated in April, suggesting that the nation's economic downturn may be short and shallow rather than long and severe. See full story. In early trading, the Financial Select Sector SPDR , an ETF that tracks the financial stocks in the S&P 500, added 2%. The Fed's move helped boost credit card companies, and Bank of America , J.P. Morgan Chase , Citigroup Inc , Discover Financial Services and American Express all rose.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com – May 2, 2008 1:38 PM [GMT] ¦ comment?
found in Business: Markets
Congress to Probe U.S. Role in Bear Stearns Sale
Two Senate committees said yesterday that they will investigate the government's role in the sale of investment bank Bear Stearns to J.P. Morgan Chase.
Washington Post – Mar 27, 2008 04:00 AM [GMT] ¦ comment?
found in Business: Economy
Two Senate committees said yesterday that they will investigate the government's role in the sale of investment bank Bear Stearns to J.P. Morgan Chase.
Washington Post – Mar 27, 2008 04:00 AM [GMT] ¦ comment?
found in Business: Economy
J.P. Morgan Raises Its Offer for Bear Stearns
J.P. Morgan Chase yesterday increased its offer for the investment banking giant Bear Stearns by about $2 billion, putting down a shareholder revolt and all but guaranteeing that the wounded Wall Street firm would be sold before its troubles spread to the rest of the financial system.
Washington Post – Mar 25, 2008 04:00 AM [GMT] ¦ comment?
found in Business: Economy
J.P. Morgan Chase yesterday increased its offer for the investment banking giant Bear Stearns by about $2 billion, putting down a shareholder revolt and all but guaranteeing that the wounded Wall Street firm would be sold before its troubles spread to the rest of the financial system.
Washington Post – Mar 25, 2008 04:00 AM [GMT] ¦ comment?
found in Business: Economy
A Fire Sale On Wall Street
WINNERS J.P. Morgan Chase: The company agreed to acquire Bear Stearns for a bargain-basement price of $2 a share, or about $236 million, a small fraction of Bear's Nov. 30 value of $13.6 billion. The Federal Reserve agreed to assume the risk for $30 billion worth of Bear Stearns's dodgy investmen...
Washington Post – Mar 18, 2008 04:00 AM [GMT] ¦ comment?
found in Business: Economy
WINNERS J.P. Morgan Chase: The company agreed to acquire Bear Stearns for a bargain-basement price of $2 a share, or about $236 million, a small fraction of Bear's Nov. 30 value of $13.6 billion. The Federal Reserve agreed to assume the risk for $30 billion worth of Bear Stearns's dodgy investmen...
Washington Post – Mar 18, 2008 04:00 AM [GMT] ¦ comment?
found in Business: Economy