Legal
JPMorgan Thought Bank of America Wanted to Buy Javice’s Firm, Banker Says
- Leslie Wims Morris testified at Charlie Javice’s fraud trial
- Wims Morris led bank’s vetting of $175 million acquisition
This article is for subscribers only.
The senior JPMorgan Chase & Co. executive who led due diligence on its $175 million acquisition of student-loan startup Frank testified that the bank wrongly guessed that Bank of America Corp. was its rival for Charlie Javice’s firm.
In her second day of testimony in Javice’s fraud trial, Leslie Wims Morris, JPMorgan’s former chief of corporate development, offered insight into the bank’s thinking as it approached the deal. She said Thursday that the bank made its bid based on what Frank’s financial adviser, LionTree LLC, said would be required to beat out the competition.