This is from Yahoo message board.
Start at Bullet (24) page 6…
“…As early as 2004, JPMC and JPMC’s then-Chief Operating Officer and later Chief Executive Officer, James “Jamie” Dimon, set a goal to acquire the Washington Mutual banking franchise and geographic market…”
http://www.kccllc.net/documents/0812229/…
(2)
“Project West”
Dimon, an ambitious deal-maker who in the 1990s worked with legendary financier Sanford Weill to build Citigroup into the world’s largest financial services company, had long coveted Washington Mutual.
His lust for WaMu’s network of thousands of branches began long before the financial crisis. On at least two occasions prior to 2008, he informally broached the idea of a merger with Kerry Killinger, WaMu’s longtime chief executive, according to people familiar with the matter.
That sort of informal chatter wasn’t uncommon for the 53- year-old Dimon, he told reporters in Seattle during a visit last summer. “CEOs often say to each other, ‘If you ever think of doing something, give me a call.’ I’ve done that many times with many people.’”
In Dimon’s eyes, WaMu would supply a missing piece in branded with the Chase name, covered the East Coast, the bank had little presence west of the Mississippi River. WaMu, meanwhile, had grown rapidly, and had a major network not just in the Pacific Northwest, but in California, Texas, Arizona and Florida.
According to a JPMorgan report prepared for a July board meeting, the combination with WaMu would catapult branches, and from third to first in terms of deposits, surpassing Citibank and Bank of America by more than $100 billion, according to the court exhibits in the WaMu bankruptcy case. Those predictions would prove slightly optimistic, as the financial crisis led to other mergers that reshuffled top rankings.
http://tradingtipsnow.com/blog/?p=735&cp…
(3)
Mr. Scharf and the heads of the bank’s big credit card and commercial banking units met regularly for several months to comb through data. By the end, they had assembled a 50-page report for a corporate retreat at the Greenbrier resort in West Virginia under the code name Project West.
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