JP Morgan Chase and Bank One Merger Essay Example | Topics and Well Written Essays - 500 words

JP Morgan Chase and Bank One Merger - Essay Example Bank One Corporation had been created through mergers with many other banks like Banc One of Columbus, First Chicago NBD, and Ohio but the mergers were considered a failure until Jamie Dimon who had been chosen as the president and CEO took over the leadership of the company and reformed the new firm’s practices (American Bar Association, 2007). Dimon improved the firm by changing the disastrous technology jumble inherited from the prior mergers done by Bank One Corporation and ensured that the bank was more than sufficient to be a viable merger for JPMorgan Chase. Bank One Corporation had spread its roots in many States with the beginning of interstate banking and acquired many banks and with this successful process, they resisted combining into one bank. According to the writings by Truitt (2006), Bank One Corporation, had to be merged with JPMorgan after the departure of their CEO John B. McCoy, whose father and grandfather had headed Bank One. McCoy left because after the First Chicago NBD merger, Banc One Corporation started having financial issues and there was no other option other than accepting help from others. Dimon was brought in as the head of the company and this is when the JPMorgan completed the acquisition of Bank One. The mega-merger was a success because JPMorgan Chase & Co. is one of the largest and best-known financial institutions in the world. Skeel (2011) stated that J.P. Morgan Chase & Co. is a leading global financial services firm with valuable assets and operations in more than 50 countries. The firm provides good services to people in the society and many of the world’s most prominent government, institutional and corporate clients. The mega-merger was a success because Bank One would have failed running on its own due financial difficulties. Griffin and Moorehead (2010) stated that JPMorgan Chase & Co is