Bank of America Memo Says JPMorgan Merger Talk Is ‘Baseless’

Bank of America Corp., the biggest U.S. bank by assets, dismissed speculation it’s considering a merger with smaller rival JPMorgan Chase & Co. 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.