On the day that Bank of America announced that it was acquiring FleetBoston, it was quite natural for JP Morgan Chase's boss to muse about his own bank and possible merger strategy.
Some staff are said to be worried that there is one more big deal left before the bank completes its growth plans. More upheaval, more unsettling times ahead. Many have only just drawn breath after the big JP Morgan / Chase merger in 2000. They really could do with some time out before having to come to grips with another big deal.
Looks like the staff needn't worry. JP Morgan CEO Bill Harrison told German daily newspaper Handelsblatt that his bank probably wouldn't be involved in the consolidation of the European banking industry. The bank boss apparently feels that JP Morgam primarily sees itself as a global investment bank and he is not keen to take on retail banking acquisitions in Europe.
Harrison also ruled out another big deal some time soon. He is quoted as saying: 'At the moment we are not interested in any big acquisitions. We first want to concentrate on creating value for shareholders'. The bank boss was also very bullish about the prospects for investment banking, saying that he felt that the economics were right for five or six good years.