The Overview: $58 Billion Deal to Unite 2 Giants of U.S. Banking

NYT: "JP Morgan Chase agreed yesterday to acquire Bank One for $58 billion in stock in a deal that would realign the competitive landscape for banks and create a true rival to Citigroup.
The transaction would unite the investment and commercial banking strength of J. P. Morgan Chase, the product of a merger of Chase Manhattan and J. P Morgan in 2001, with Bank One's much larger consumer banking operations. The combined company would have 2,300 branches in 17 states. With the addition of Bank One, based in Chicago, J. P. Morgan, the nation's second-largest bank, would also become an even bigger issuer of credit cards. The combined company would have $1.1 trillion in assets, compared with nearly $1.2 trillion for Citigroup."