Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns show up across JPMorgan Chase &'s deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.
5 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
JPMorgan Chase agreed to merge with Chicago-based Bank One in a stock-for-stock deal that created the second-largest U.S. banking franchise by core deposits, with about 2,300 branches across seventeen states and top-tier positions in retail banking, credit cards, investment banking and asset management. The companies projected roughly $2.2 billion of pre-tax cost savings over three years. William Harrison became chairman and CEO and Bank One's Jamie Dimon became president and COO, positioning Dimon to succeed to the top job. All-stock merger — 1.32 JPMorgan Chase shares exchanged for each Bank One share; the combination created a firm with roughly $1.1 trillion in assets and about $130 billion in combined market capitalization.
This landmark transaction will create one of the world's great financial services companies.William B. Harrison — Chairman and CEO, JPMorgan Chase
The merger of Bank One and JPMorgan Chase makes tremendous sense strategically.James Dimon — Chairman and CEO, Bank One
At the height of the 2008 financial crisis, JPMorgan Chase agreed to rescue the failing investment bank Bear Stearns. An amended merger agreement raised the exchange ratio to 0.21753 JPMorgan shares per Bear Stearns share (about $10 per share, up from the initial roughly $2), and JPMorgan separately agreed to purchase 95 million newly issued Bear Stearns shares to lock in control. JPMorgan agreed to bear the first $1 billion of losses on a $30 billion pool of Bear Stearns assets financed by the Federal Reserve Bank of New York. All-stock — 0.21753 JPMorgan Chase shares per Bear Stearns share (implied about $10 per share); JPMorgan also agreed to buy 95 million newly issued shares, or 39.5% of Bear Stearns.
We believe the amended terms are fair to all sides and reflect the value and risks of the Bear Stearns franchise, and bring more certainty for our respective shareholders.Jamie Dimon — Chairman and CEO, JPMorgan Chase
The substantial share issuance to JPMorgan brings enhanced coverage and certainty for our customers, counterparties, and lenders.Alan Schwartz — President and CEO, Bear Stearns
JPMorgan Chase acquired all deposits, assets and certain liabilities of Washington Mutual's banking operations from the FDIC after the thrift was seized, paying about $1.9 billion. The deal created the largest U.S. depository institution at the time, with over $900 billion of customer deposits, and expanded Chase's branch network into California, Florida and Washington State while strengthening its presence in New York, Texas, Illinois and other states. JPMorgan did not acquire the assets or liabilities of Washington Mutual's holding company or its non-bank subsidiaries. Approximately $1.9 billion paid to the FDIC.
As we have said in the past, increasing our regional banking presence not only strengthens our Retail business, but also benefits our other businesses.Jamie Dimon — Chairman and CEO, JPMorgan Chase
After First Republic Bank was placed into FDIC receivership during the 2023 regional-banking stress, JPMorgan Chase acquired the substantial majority of its assets and assumed certain liabilities from the FDIC. JPMorgan took on about $173 billion of loans and $30 billion of securities and assumed roughly $92 billion of deposits, paid $10.6 billion to the FDIC, and entered into loss-share arrangements with the FDIC on most acquired loans. JPMorgan did not assume First Republic's corporate debt or preferred stock. $10.6 billion paid to the FDIC; acquired about $173 billion of loans and $30 billion of securities, assumed roughly $92 billion of deposits and $28 billion of FHLB advances.
JPMorgan agreed to buy out the remaining stake in J.P. Morgan Cazenove, the UK investment-banking joint venture it had formed with Cazenove Group five years earlier and in which it already held a roughly 49.99% interest. Cazenove ordinary shareholders were to receive GBP 5.35 per share. The enlarged business continued to operate under the J.P. Morgan Cazenove brand, and JPMorgan combined the venture's cash equities and research operations with its existing EMEA business. Cazenove shareholders to receive GBP 5.35 per share, valuing Cazenove at about GBP 1 billion and the joint venture at about GBP 2 billion.
Our joint venture with J.P. Morgan has been a great success; benefiting our clients, our shareholders and our people.David Mayhew — Chairman, J.P. Morgan Cazenove
Five years ago, J.P. Morgan and Cazenove agreed to combine their talented people and prestigious brands.Jes Staley — CEO of J.P. Morgan's investment bank