• 20 Jun 2008 at 2:18 PM

Bearpont Morgovia?

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According to Charlie Gasparino, the Dimon may be interested in buying Wachovia.

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    Comments (99)

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    1. 1
      Posted by guest | June 20, 2008 at 2:24 PM

      What do you think the effects of this would be on the CIB in Charlotte?

    2. 2
      Posted by guest | June 20, 2008 at 2:24 PM

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

    3. 3
      Posted by guest | June 20, 2008 at 2:25 PM

      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.

    4. 4
      Posted by guest | June 20, 2008 at 2:34 PM

      @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).

    5. 5
      Posted by guest | June 20, 2008 at 2:35 PM

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

    6. 6
      Posted by guest | June 20, 2008 at 2:37 PM

      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.

    7. 7
      Posted by guest | June 20, 2008 at 2:48 PM

      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

    8. 8
      Posted by guest | June 20, 2008 at 2:56 PM

      Charlie Gasparino has the worst sources…

    9. 9
      Posted by blndebnker | June 20, 2008 at 2:56 PM

      Let’s be serious now kids. JPM is in no position to swallow up another organization right now. Full focus is on the Bear integration. It would be foolish to pursue such an endeavor at this time. Plus I’m not sure what JPM would have to gain from Wachovia. Any insights on that?

    10. 10
      Posted by guest | June 20, 2008 at 2:59 PM

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

    11. 11
      Posted by guest | June 20, 2008 at 2:59 PM

      JPM and Wachovia need to merger in order to survive.

    12. 12
      Posted by guest | June 20, 2008 at 3:01 PM

      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.

    13. 13
      Posted by guest | June 20, 2008 at 3:01 PM

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

    14. 14
      Posted by guest | June 20, 2008 at 3:02 PM

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

    15. 15
      Posted by guest | June 20, 2008 at 3:07 PM

      JP Bearcovia?
      Morcovia Stearns?
      Beargan & Covia?
      WacBear Morgan?
      I could go on and on…

    16. 16
      Posted by lemmerdeur | June 20, 2008 at 3:10 PM

      TBTF.

    17. 17
      Posted by guest | June 20, 2008 at 3:11 PM

      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.

    18. 18
      Posted by guest | June 20, 2008 at 3:12 PM

      @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.

    19. 19
      Posted by JimBob | June 20, 2008 at 3:18 PM

      JP Bearchoviatrustmutual of America
      Yeah, that sounds about right.
      Hope it stays member FDIC

    20. 20
      Posted by MF | June 20, 2008 at 3:18 PM

      As 2:48 said, Wachovia is not going to offload the full IB team. In fact, the value that Wachovia brings to JPM is to increase the quality of the female talent at the firm.
      JPM is notorious for occupying the sweet spot of mediocrity on the IB food chain (along with Citi). Not profitable enough to hire good looking female analysts solely for their office-candy attributes, but not douche enough to repel marginally qualified candidates that were denied offers at better firms.
      Wachovia on the other hand, has never been able to recruit at any decent school. Therefore it has access to a deeper pool of female talent where being smart or possessing analytical or quantitative skills are not a prerequisite for being hired.

    21. 21
      Posted by guest | June 20, 2008 at 3:21 PM

      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

    22. 22
      Posted by guest | June 20, 2008 at 3:23 PM

      If all y’all come from “decent schools” why is a trillion dollars being written off by IBs?
      Sign me up for Everest College!

    23. 23
      Posted by guest | June 20, 2008 at 3:29 PM

      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.

    24. 24
      Posted by JimBob | June 20, 2008 at 3:30 PM

      How many of it’s counterparties can JP Stearns keep purchasing?

    25. 25
      Posted by guest | June 20, 2008 at 3:32 PM

      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.

    26. 26
      Posted by guest | June 20, 2008 at 3:39 PM

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

    27. 27
      Posted by blndebnker | June 20, 2008 at 3:56 PM

      @3:21pm – Yeah totally makes sense.

    28. 28
      Posted by BlackSwan06 | June 20, 2008 at 4:04 PM

      @3:32 agreed… WB would be more pain than it’s worth for the potential gains of a SE retail foothold and cherry-picking their best and brightest.

    29. 29
      Posted by guest | June 20, 2008 at 4:04 PM

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

    30. 30
      Posted by guest | June 20, 2008 at 4:07 PM

      Suntrust is a much better purchase

    31. 31
      Posted by guest | June 20, 2008 at 4:08 PM

      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?

    32. 32
      Posted by guest | June 20, 2008 at 4:17 PM

      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

    33. 33
      Posted by guest | June 20, 2008 at 4:56 PM

      JimBob asked the million dollar question…

    34. 34
      Posted by JorgeCad | June 20, 2008 at 5:33 PM

      To be frank, I am even suprised Wachovia is even on the radar screen. Back Office (and Middle Office) just insturcted me not to trade with them.
      That must suck for them.
      geo

    35. 35
      Posted by guest | June 20, 2008 at 6:43 PM

      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.

    36. 36
      Posted by guest | June 20, 2008 at 6:43 PM

      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.

    37. 37
      Posted by guest | June 20, 2008 at 6:43 PM

      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.

    38. 38
      Posted by guest | June 20, 2008 at 8:45 PM

      I was getting very worried about Charlie
      ……he didn’t have an unconfirmed rumor all day

    39. 39
      Posted by guest | June 20, 2008 at 10:12 PM

      @ 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!

    40. 40
      Posted by guest | June 21, 2008 at 8:43 AM

      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.

    41. 41
      Posted by guest | June 21, 2008 at 11:06 AM

      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

    42. 42
      Posted by guest | June 21, 2008 at 2:08 PM

      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.

    43. 43
      Posted by guest | June 21, 2008 at 6:02 PM

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

    44. 44
      Posted by guest | June 21, 2008 at 7:21 PM

      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.

    45. 45
      Posted by guest | June 21, 2008 at 7:23 PM

      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.

    46. 46
      Posted by guest | June 23, 2008 at 8:04 AM

      “Only thing holding this back would be price, deposit cap, and possible further writedowns.”
      fucktard. think about what you just said.

    47. 47
      Posted by MF | June 23, 2008 at 8:09 AM

      @8:43 Y’all should try this bacon and pecan pie before talking shit about the south.

    48. 48
      Posted by guest | June 23, 2008 at 8:51 AM

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

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