Posted by guest , Jun 20, 2008 2:24PM

not sure how this is possible..it would put JPM over the 10% deposit cap

Posted by guest , Jun 20, 2008 2:25PM

i wish all these interns would stop asking what the effect of every single story is going to have on their jobs.

dude if you can't figure these things out maybe you shouldnt be working in finance to begin with.

Posted by guest , Jun 20, 2008 2:34PM

@2:25 - agreed.

Here's a hint: 90% of Wachovia will be laid off, the other 10% will supplant JPM employees. No net new hires (see Bear Stearns, only WB doesn't have as much talent).

Posted by guest , Jun 20, 2008 2:35PM

they would probably just shut down the entire Wachovia investment bank.

Posted by guest , Jun 20, 2008 2:37PM

No more financial M&A w/o crystal clear visibility of these yahoo's balance sheets. This has gone to far. F-in CFOs don't even know their own exposures.

Posted by guest , Jun 20, 2008 2:48PM

2:35 - it's responses like yours that scare interns into asking the (stupid)2:24 questions.

They will not shut down the entire Wachovia bank, but rather do what they did with Bear, and that is pick and choose what's good and then offload the rest. Save the "NOTHING'S GOOD AT WACHOVIA!!!!!696969!!" comments because that's not entirely true.

They'll keep some of the good mid-market/growth clients WB has and the relationship managers and some of their staff.

Advice is, and this is applicable to everyone, get into a "good" group

Posted by guest , Jun 20, 2008 2:56PM

Charlie Gasparino has the worst sources...

Posted by guest , Jun 20, 2008 2:59PM

It also would violate the US Deposit cap by 2-3%. There are ways around it, but it would be tough.

Posted by guest , Jun 20, 2008 2:59PM

JPM and Wachovia need to merger in order to survive.

Posted by guest , Jun 20, 2008 3:01PM

Great idea, JPM would have to sell like $300 billion in deposits to get below the cap. that is sort of like selling an entire wells fargo. unless they still have a gdw thrift charter to hide some of that stuff behind.

Posted by guest , Jun 20, 2008 3:01PM

IF Dimon is after Wachovia then its for their branch network NOT the clowns in the IB.

Posted by guest , Jun 20, 2008 3:02PM

A mega-bank is not the answer. Just look at citi, it's a complete clusterfuck.

Posted by guest , Jun 20, 2008 3:07PM

JP Bearcovia?

Morcovia Stearns?

Beargan & Covia?

WacBear Morgan?

I could go on and on...

Posted by guest , Jun 20, 2008 3:11PM

They gain retail footprint in the southeast and a platform that complements a JPM Private Bank. See the Texas Commerce Bank acquisition a few years back.

Posted by guest , Jun 20, 2008 3:12PM

@3:02 - seeing as Dimon had a hand in the clusterfuck, I'm sure he would say that it's a clusterfuck only because he was pushed out. So, I doubt that Citi will deter him from creating another megabank.

Posted by guest , Jun 20, 2008 3:21PM

blndebanker, JPM would have to gain an east coast consumer franchise. currently only really has scale in NY. but i agree, its not doable right now if ever

Posted by guest , Jun 20, 2008 3:23PM

If all y'all come from "decent schools" why is a trillion dollars being written off by IBs?

Sign me up for Everest College!

Posted by guest , Jun 20, 2008 3:29PM

Dimon said right after the Bear takeover that he was shopping for a regional bank, and that his team at JP Morgan was so good at integrating takeover institutions into their operations that they could integrate Bear and a regional bank at the same time.

Then he had a little trouble integrating Bear, which ran way behind schedule.

I don't think it dampened his ambitions, though.

Posted by guest , Jun 20, 2008 3:32PM

I could name like 5 or 6 banks right now that would be better to buy than WB to get people on the ground in the mid-atlantic and southeast regions.

Posted by guest , Jun 20, 2008 3:39PM

Morgovia, hard to keep track of all these breakaway republics of the former Yugoslavia.

Posted by guest , Jun 20, 2008 4:04PM

I don't think JP really wants Wachovia's $125B worth of crap mortgages they got in their Golden West merger

Posted by guest , Jun 20, 2008 4:07PM

Suntrust is a much better purchase

Posted by guest , Jun 20, 2008 4:08PM

Where are the wachovia guys here to say JPM would use WB's top-tier CDO team from its vaunted IB to package and sell all those option ARMs? any takers?

Posted by guest , Jun 20, 2008 4:17PM

yeah or you just buy like, First Citizens and BankUnited and not get stuck with all the billions of terrible miami condo construction loans etc but i agree, sti > wb

Posted by guest , Jun 20, 2008 4:56PM

JimBob asked the million dollar question...

Posted by guest , Jun 20, 2008 6:43PM

Wachovia is full of morons, the head quant is a fat mofo and probably all the models are wrong. I am not surprised they are sinking.

Posted by guest , Jun 20, 2008 6:43PM

Wachovia is full of morons, the head quant is a fat mofo and probably all the models are wrong. I am not surprised they are sinking.

Posted by guest , Jun 20, 2008 6:43PM

Wachovia is full of morons, the head quant is a fat mofo and probably all the models are wrong. I am not surprised they are sinking.

Posted by guest , Jun 20, 2008 8:45PM

I was getting very worried about Charlie

......he didn't have an unconfirmed rumor all day

Posted by guest , Jun 20, 2008 10:12PM

@ 6:43 x 3. The quant may be a moron, but I am sure he knows how to post 1x on DB.
Maybe you are the UBS or Citi quant, hence their losses of 3x as much as anyone else.

Smitty, gimme the drums!

Posted by guest , Jun 21, 2008 8:43AM

You can't blame the quant for being fat. That's just a byproduct of being in the South. They're all fat down there... and stupid. Since there is no viable explanation, I will conclude with the fact that it must be the water.

Posted by guest , Jun 21, 2008 11:06AM

whether it be WB, ST, or something else, JPM can easily digest another non-IB acquistion... the merger playbook of each LOB has been updated and the know-how to execute both BAU/growth change efforts and integration efforts is there...for a retail play, the "target" systems and processes are are in place, hence no real effort needed to vet between what to keep / drop...in fact Retail/MM/CB are chomping at the bit to get the coast-to-coast footprint... it will happen soon

Posted by guest , Jun 21, 2008 2:08PM

JPM and WB is a great deal. They get arguably the best run retail bank in the country, one of the largest retail brokers in the country, and a phenomenal commercial banking franchise. All they would need to do is close the investment bank and retain all those that individuals that cater to the middle market firms where WB makes money. Only thing holding this back would be price, deposit cap, and possible further writedowns.

Posted by guest , Jun 21, 2008 6:02PM

@8:43: No viable explanation??? Ever heard of BBQ, asswipe?

Posted by guest , Jun 21, 2008 7:21PM

Well, well, well. Once again, bloggers have sniffed out truth and justice the American way. I recently came across the astute observations of a guest blogger who had connected the dots beteen Gasbagarino, DB, the piece about Dick Bove and Mike Mayo. Apparently, Wall Street executives like Jimmy Cayne, John Thain, John Mack, Dick Fuld, Loyd Blankfein, etc have instructed their respective staffs to have no contact with Gasbagarumor due to his erroneous information, hostile nature and moronic observations. Despit this, the blogger has observed, Mike Mayo appears to be a frequent and anonymous source for the on-airhead editor. Oooops, he/she points out, watch yourself Mike - you're next to be fired!

So, here's the rub: I cut and posted this astute posting a number of times. However, it has been removed by someone with administrative access. Hmmm. One can only conclude that some collusion between Carney, the Gasbag and Mike Mayo to mislead the blogosphere is in play here. Big mistake guys - you don't want to lose your loyal followers! Better that the bad guys be exposed for what they truly are -fucking stupid.

Posted by guest , Jun 21, 2008 7:23PM

Well, well, well. Once again, bloggers have sniffed out truth and justice the American way. I recently came across the astute observations of a guest blogger who had connected the dots beteen Gasbagarino, DB, the piece about Dick Bove and Mike Mayo. Apparently, Wall Street executives like Jimmy Cayne, John Thain, John Mack, Dick Fuld, Loyd Blankfein, etc have instructed their respective staffs to have no contact with Gasbagarumor due to his erroneous information, hostile nature and moronic observations. Despit this, the blogger has observed, Mike Mayo appears to be a frequent and anonymous source for the on-airhead editor. Oooops, he/she points out, watch yourself Mike - you're next to be fired!

So, here's the rub: I cut and posted this astute posting a number of times. However, it has been removed by someone with administrative access. Hmmm. One can only conclude that some collusion between Carney, the Gasbag and Mike Mayo to mislead the blogosphere is in play here. Big mistake guys - you don't want to lose your loyal followers! Better that the bad guys be exposed for what they truly are -fucking stupid.

Posted by guest , Jun 23, 2008 8:04AM

"Only thing holding this back would be price, deposit cap, and possible further writedowns."

fucktard. think about what you just said.

Posted by guest , Jun 23, 2008 8:51AM

@ June 21 6:02: TOGFD, is that you ?