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JP Morgan Will Wait A Couple Weeks Before Ripping Bear Stearns Name From Building

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When JP Morgan Chase's deeply discounted purchase of Bear Stearns was first announced, many asked about whether the deal included the Bear Stearns headquarters, an enormous building situated on prime midtown Manhattan Madison Avenue real-estate. As it turned out, JP Morgan did get the building. But, in order to spare the feelings of Bear Stearns investors and employees, they've decided to wait a few weeks before tearing the Bear name off the building and replacing it with their own, Aaron Elstein of Crain's reports.
The name on the building will likely be all that remains of the legendary Wall Street institution after tomorrows shareholder vote, which is pretty much a lock to approve the deal. It's possible Bear Stearns' tiny brokerage unit, which doesn't overlap with existing JP Morgan business, could retain the name, but even that is doubtful.
"The name generally will go away," says a J.P. Morgan insider. "What kind of brand value does Bear Stearns have at this point, anyway?"
J.P. Morgan to bid goodbye to the Bear moniker [Crains]