More Banks Rethink 'Financial Supermarket'

Lewis, Janet
April 2006
Investment Dealers' Digest;4/17/2006, Vol. 72 Issue 15, p7
Trade Publication
The article discusses the asset swapping of JPMorgan Chase & Co. and Bank of New York Co. Inc. (BNY). The deal allows BNY to exchange its retail branch network in New York for a 150 million dollar cash and the corporate trust business from JPMorgan. According to Bruce Van Saun, chief financial officer of BNY, the swapping allows the company to grow its custody without paying extra tax liabilities associated with an out-right cash sale.


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