JP Morgan May Acquire WaMu
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I actually own some JP Morgan stock and was considering selling it very recently because most everything in the financial sector seems to be hurting with no relief predicted for the short term. Now I'm thinking I'll wait and watch how this plays out.
WaMu Has Discussed Merger With JP Morgan Chase
Washington Mutual, the U.S. savings and loan slammed by slumping mortgage markets, has held "very preliminary" merger talks with JPMorgan Chase, CNBC has learned.
No deal is imminent but the talks were held fairly recently.
JP Morgan also may be interested in two other regional banks, Suntrust Banks and PNC Financial Services and is likely to make an acquisition sometime this year.
News of the talks comes as Bank of America announced it will acquire another troubled mortgage lender, Countrywide Financial in a $4 billion transaction.
And as Bank of America did with Countrywide, JP Morgan Chase might first invest money in Wamu before any full-scale buyout.
Shares of Washington Mutual jumped sharply following the CNBC report......
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I actually own some JP Morgan stock and was considering selling it very recently because most everything in the financial sector seems to be hurting with no relief predicted for the short term. Now I'm thinking I'll wait and watch how this plays out.
WaMu Has Discussed Merger With JP Morgan Chase
Washington Mutual, the U.S. savings and loan slammed by slumping mortgage markets, has held "very preliminary" merger talks with JPMorgan Chase, CNBC has learned.
No deal is imminent but the talks were held fairly recently.
JP Morgan also may be interested in two other regional banks, Suntrust Banks and PNC Financial Services and is likely to make an acquisition sometime this year.
News of the talks comes as Bank of America announced it will acquire another troubled mortgage lender, Countrywide Financial in a $4 billion transaction.
And as Bank of America did with Countrywide, JP Morgan Chase might first invest money in Wamu before any full-scale buyout.
Shares of Washington Mutual jumped sharply following the CNBC report......
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JPM stock opened up about $2 (5%) from yesterdays close.
JPMorgan 4Q Profit Falls 34 Percent
JPMorgan Chase & Co. said Wednesday its fourth-quarter profit fell 34 percent after its exposure to subprime mortgages -- though much smaller than at banking peers like Citigroup Inc. -- devalued its portfolio by $1.3 billion.....
From Calculated Risk: Mr. Dimon makes some interesting observations and some less than cheerful projections:
JP Morgan: Home Equity Delinquencies Higher than Expected "even at the peak of the cycle"