The Chase To Become A Financial Supermarket
Financial stocks are soaring on Wall Street, and it seems as though there's a merger a day. The latest, on Sept. 13, links Chase Manhattan Corp. with white-shoe firm J.P. Morgan & Co. to form a giant with $670 billion in assets. The $36 billion deal is by far Chase's most ambitious push into the rarefied world of investment banking, and comes hard on the heels of the $10 billion bid by Switzerland's UBS for broker PaineWebber and Credit Suisse First Boston's $11.5 billion deal to buy broker Donaldson, Lufkin & Jenrette.
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