Bank of America Memo Says JPMorgan Merger Talk Among Blogs Is ‘Baseless’
Bank of America Memo Says JPMorgan Merger Talk Is ‘Baseless’
Guy Calaf/Bloomberg
Bank of America Memo Says JPMorgan Merger Talk Is ‘Baseless’.
Bank of America Memo Says JPMorgan Merger Talk Is ‘Baseless’. Photographer: Guy Calaf/Bloomberg
Bank of America Corp. (BAC), the biggest U.S. bank by assets, dismissed speculation it’s considering a merger with smaller rival JPMorgan Chase & Co. (JPM) as “baseless” in a memo to employees.
“Some blogs are speculating about rumors of merger talks with J.P. Morgan Chase, which are baseless and don’t even make practical sense,” the bank’s communications department said in a memo to employees yesterday that was obtained by Bloomberg. Jerry Dubrowski, a spokesman at Bank of America, confirmed the contents of the memo.
The memo also rebutted a blog’s suggestion that Charlotte, North Carolina-based Bank of America needs to raise as much as $200 billion as “just wrong.”
“We have a clear path to meet the new regulatory requirements under Basel III and we intend to meet these standards without having to issue additional common stock,” according to the memo.
JPMorgan, based in New York, is the second-biggest U.S. bank by assets.
To contact the reporters on this story: Christine Harper in New York at charper@bloomberg.net; Alexis Xydias in London at axydias@bloomberg.net
To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Andrew Rummer at arummer@bloomberg.net
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