Probably The Biggest Bank Merger Of All Time
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As The New York Times points out, this deal might not be a silly as it sounds. Citi is looking for a new CEO. JPMorgan Chase boss Jamie Dimon is uniquely qualified for the job - he worked there until he was given the boot a few years back by Citi founder Sandy Weill. And then there's the small matter of the 'synergies' which would accrue in the event that the two banking giants came together - a massive $14bn in cost-savings within 3 years (no doubt more than enough to make the cost-conscious Dimon very excited).
And our friends at FT Alphaville have even suggested a new name for the combined entity - 'The Bank of Dimon', or 'JP Morgan Chase Manhattan Manufacturers Hanover Chemical Bank Robert Fleming Bank One First Chicago Hambrecht & Quist National Bank of Detroit Citi First National Smith Barney Harris Upham Salomon Schroders Wertheim Shearson Travellers Golden State Glendale Handlowy w Warszawie Banamex Associates First Capital'.
READER COMMENTS:
1. 'I love the name - can I have the tee-shirt concession ? '.
2. 'Let's have just one big bank. Or perhaps two - for competition purposes. It would be a bit like the UK and US political systems - imagine the (in)efficiencies!!'.
3. 'Citichase' - You gotta luv it!'.
4. 'No - the new bank would simply be called JPMorgan Chase - Jamie's revenge'.
5. 'How about 'JPiti' ?'
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