Two become one

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The announcement of a $58 billion all-stock merger of JPMorgan and Bank One was greeted with enthusiasm in January, as the credit markets recognised the numerous benefits wrought by the deal, not least an expected $2.2 billion of cost savings. Both banks’ bonds tightened on the news, with spreads on Bank One’s 2.625% due 2008 tightening 10bp in the week after the announcement.

For one, the move should strengthen JPMorgan’s position as one of Citigroup’s few rivals in underwriting for investme

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