Finance History|11 Wall Street — CMB Stopped and the Chase Book Took JPM
· 2001-1
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Finance History|11 Wall Street — CMB Stopped and the Chase Book Took JPM
kevin
People treat JPMorgan Chase as a Park Avenue bank that always printed JPM after a finished New York book.
The surviving listed issuer traces to Chemical New York Corporation, the 1968 holding company for Chemical Bank, which acquired Chase Manhattan in 1996 and kept the Chase name.
On 31 December 2000 The Chase Manhattan Corporation closed its merger with J.P. Morgan and Co. Incorporated and was renamed J.P. Morgan Chase and Co.
Chase's own 22 December 2000 notice said 3.7 Chase common shares would be exchanged for each J.P. Morgan common share.
The same notice said Chase stock would keep trading on the New York Stock Exchange under the new name, the ticker would change from CMB to JPM, and J.P. Morgan stock would no longer trade.
Trading under the new letters was expected to start on 2 January 2001.
J.P. Morgan had already used JPM on this exchange. After the close, those letters belonged to the Chase book.
The letters JPM still open on this exchange.
The mechanism is a holding-company merger in which the acquirer's common tape survives, drops CMB, and takes the acquired firm's letters without opening a second common book.
The pin is the Broad Street facade of the Exchange on the morning the combined book printed JPM.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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