Bank One and LaSalle Bank Comparison Essay -- essays research papers

Bank One   Ã‚  Ã‚  Ã‚  Ã‚  In 1929, Commercial National and City National Bank of Commerce of Columbus, Ohio, merged to form City National Bank and Trust. City National offered the first Visa credit card outside of California in 1966; it also created the first drive-up bank, and was one of the first banks to use ATMs. A holding company called First Bank Group of Ohio was formed and it became Bank One in 1979. As interstate barriers to banking fell, the bank moved into Indiana, Kentucky, Michigan and Wisconsin. The First National Bank of Chicago and Bank One merged on October 2, 1998. The merger between Bank One Corporation and First Chicago NBD Corporation created what became known as Bank One, Chicago’s largest bank (one of the largest in the Midwest and nation). Bank One Corporation and its stock was traded under the New York Stock Exchange under the symbol One. This merger created the nation’s 5th largest Bank with assets of more than $240 billion. Bank One is a major corporate bank nationally and in selected international markets in 11 foreign countries, the nation’s largest credit card company which also is a leading retail bank in eight states, the leading business bank in the Midwest and Arizona, and the largest bank mutual fund company. With assets of more than $270 billion currently, Bank One Corporation is one of the nation’s largest financial services companies. Bank One currently serves more than 53 million credit card customers nationwide as well as 7 million companies in 14 states. It also manages more than $149 billion of assets for investors. The bank has 74,000 employees at 2000 branches in 14 states. On July 1, 2004 Bank One became a part of the new JP Morgan Chase. The mergers of the credit card companies, broker/dealer and lead banks will be completed over the next nine months. JP Morgan gives Bank One scale and size. However, the Bank One brand continues to be used in the marketplace.   Ã‚  Ã‚  Ã‚  Ã‚  Bank One provides several services to its customers, some of which include, retail services, Commercial Banking, Card Services, Investment management group. The retail service is broken down into, checking and savings accounts, consumer lending, Small business Banking, Debit/ATM Cards, Investment Accounts, Credit Cards, Insurance, Auto loans and leases, Online Banking and Home loans. The Investment Management Gr... ...processors of ATM transactions in the country. Clearly, consolidating in the sector is increasingly common. Bank One and J.P Morgan are together now able to rival Citigroup in retail, commercial, and investment management. This is a task that would have been impossible without a merger between the two organizations. J.P. Morgan (JPM stock ticker) has a â€Å"buy† rating on the stock by Standard & Poors, which one of the most reputable providers of independent financial research in the world. While LaSalle Bank and Bank One compete for Chicago area retail banking business, their overall business strategies are quite different and do not overlap considerably outside of basic retail banking. While the growth rate of J.P. Morgan is not expectedly lower due to the size of the organization and the industry as a whole, the growth is similar to that of the company’s key competitor, Citigroup. The future for J.P. Morgan is likely to be filled with additional mergers and acquisitions. It remains to be seen how the company will compete from an operational and service standpoint with Citigroup; however, it will be a protracted battle between the two stable behemoth financial services firms.