Hints and tips:
...How much have JPM’s recent large acquisitions — Bear Stearns, Washington Mutual, First Republic — contributed? Has banking industry profit always been so concentrated?...
...The bank now holds only a “small, minority position” in the debt, according to a person familiar with the matter....
...But JPMorgan stole a march on rivals with its purchase of First Republic after the collapse of the California-based lender, hearkening back to the period when the bank scooped up firms such as Bear Stearns...
...JPMorgan Chase has a deal to buy Bear Stearns for $2 a share. Joshua Franklin And then flash forward to Washington Mutual, which is still the biggest bank failure in US history....
...Shotgun M&A was a popular response, with Bear Stearns, Merrill Lynch, Wachovia, HBOS and Alliance & Leicester all moving overnight to new ownership....
...David Solomon started at Goldman Sachs in 1999, joining in his mid-30s from the scruffy Bear Stearns, as a partner in the junk bond group of the investment bank he now runs....
...However, he also suffered a $1bn loss after backing Wall Street investment bank Bear Stearns ahead of the financial crisis in 2008....
...The economy recovered and Bear Stearns and American Express were among the tenants that soon took up residence in the newly-christened Trump Building....
...Some banks are taking that as an opportunity to seek a greater foothold in the industry....
...Before long, large investment banks including Goldman Sachs, Credit Suisse, Citigroup, Morgan Stanley and Deutsche Bank were building their own dedicated investment teams....
...Stearns....
...In the following decade, several Greenhill copycats emerged while the boutique investment bank restrained its growth. Amid a 2010s deals boom, that caution proved mistaken....
...(The experience prompted Dimon to pledge that he would “not do something like Bear Stearns again”.)...
...JPMorgan bought Bear Stearns cheaply for $1.2bn during the financial crisis of 2008....
...During the 2008 financial crisis, America’s largest bank was the saviour of choice for failing investment bank Bear Stearns and bankrupt mortgage lender Washington Mutual, the biggest ever bank failure....
...Against a sluggish IPO market, investment banks starved of deals have been clamouring to get a slice of the Shein listing....
...The financial powerhouse helped the US sell off assets from the 2008 collapses of Bear Stearns and AIG, evaluated troubled banks for the Irish and Greek governments, and advised both the Fed and the European...
...Solomon, meanwhile, joined Goldman in 1999 from Bear Stearns....
...In 2008, when JPMorgan bought Bear Stearns, it looked plausible that a solid bank might manage the integration of a fallen institution....
...“Their [Bear Stearns’] best people went off and created Guggenheim Partners, and other key people from Bear Stearns went elsewhere,” said one top M&A lawyer....
...Just a few years later, the financial crisis eliminated several prominent full-service investment banks including Bear Stearns, Lehman Brothers and Merrill Lynch....
...Dreams of going global have been evident since 2007 when Chinese banks started looking into ways to take a stake in struggling Bear Stearns....
...to a run on the bank....
...Northern Rock, Bear Stearns, Countrywide Financial and Alliance & Leicester. Back in late 2007 and early 2008, when they all failed or were rescued, none of the above was systemically important....
...As the Financial Times reported at the time, authorities had pushed for the Bear Stearns deal to be wrapped up before markets opened on the Monday morning “to stave off a run on other US and European banks...
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