$58 BILLION DEAL TO UNITE 2 GIANTS OF U.S. BANKING

Article Abstract:

J.P. Morgan Chase and Co. will acquire Chicago-based Bank One Corp. for $58 billion. The merger will create the second largest bank in the US after leader Citigroup. It will give J.P. Morgan Chase a much-desired expansion into consumer banking operations and control of 2,300 branches in 17 states. The corporate banking giant had been impacted in recent years by corporate finance volatility. The new merger will create $1.1 trillion in assets, second only to Citigroup's $1.2 trillion. Bank One CEO James L. Dimon will become J.P. Morgan's president and COO, and will rise to CEO of the merged companies in two years after the resignation of current CEO William B. Harrison.

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Dow Jones Is Said to Agree To a Deal to Buy MarketWatch

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In an effort to reach a broader customer base and to generate revenue from online advertising, the Dow Jones Company has agreed to buy MarketWatch, the parent of the financial news website CBS MarketWatch.

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Federated Shows Renewed Interest In a Deal for May

Article Abstract:

Management changes at May Department Stores have prompted Federated Department Stores to reconsider a takeover offer.

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