Chase: Building "Brick By Brick"

The Hambrecht & Quist deal beefs up investment banking

For years, Wall Street has buzzed with rumors that Chase Manhattan Corp. would merge with a major investment bank such as Merrill Lynch & Co. On Sept. 28, Chase made a move. But, to the surprise of many, it acquired Hambrecht & Quist, a relatively small San Francisco-based investment bank that specializes in high-technology stock offerings. The price: $1.35 billion, a far cry from the tens of billions that Merrill might have sold for.

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