In Brief: JPM, Bank of N.Y. Set to Close Swap

Published October 02, 2006, 1:00 a.m. EDT

Updated September 29, 2006, 6:23 p.m. EDT

1 Min Read

JPMorgan Chase & Co. and Bank of New York Co. Inc. were set to close their asset swap Sunday.

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The deal was announced April 8. JPMorgan Chase would trade its $2.8 billion corporate trust business and $150 million in cash for Bank of New York's $3.1 billion retail and middle-market banking business, including 338 branches and $14.5 billion of deposits.

JPMorgan Chase, which already has 476 branches in the New York metropolitan area, said it would close around 50 branches there after the swap is completed. It expects to convert the Bank of New York branches in the spring.

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