J.P. Morgan Chase completes purchase

Thursday, July 1, 2004 | 9:21 a.m.

CHICAGO -- J.P. Morgan Chase & Co. has completed its $58 billion purchase of Bank One Corp., forming the nation's second-largest bank with more than $1 trillion in assets, company officials announced today.

Chicago-based Bank One, with 1,800 branches in 14 states, has particular strength in the Midwest. In all, the combined company will have 2,300 branches and assets of $1.1 trillion, trailing only Citigroup's $1.19 trillion.

As many as 10,000 employees out of the combined work force of 145,000 were expected to lose their jobs when operations are integrated.

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