In 2008 a merger took place between J.P Morgan chase and washington mutual. Initially there was a loss in net income from J.P Morgan chase, going from $3.4 Billion in 2007 to $527 million in 2008 after the merger. At the same time though, they gained over 2,000 branches and were able to expand nation wide(washington D.C., Florida, California) reaching 42% of the nations population. Since aquiring washington mutual, J.P. Morgan chase has taken its spot as one of the top banks in the country. Even on september 9, 2010 the stock of the company grew 2.5%. The bank has also reached its full potential in its consumer finance division. On september 5th they announced that they have offered over 900,000 mortgage motifications, and has met with 140,000 people for face-to-face consulting sessions on forclosures.
the combined bank has been a big and strong in a panoply of businesses, and has helped to realign the competitive landscape for banks.
-http://www.emoneydaily.com/weekly-news-roundup-j-p-morgan-chase-co-nysejpm-4/6981988
-http://online.wsj.com/article/SB10001424052748703960004575482170153404954.html?KEYWORDS=jp+morgan+chase+
-http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=340523
This merger is very similar to the merger of Wells Fargo and Wachovia. In both cases, several large consumer banks merged. This has consolidated the consumer banking industry and created a fewer number of strong major players.
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