Walking along Wall Street, Clayton Rose bumped into a former colleague. It was the day in September last year that Chase and JP Morgan announced their $35 billion merger. Rose, JP Morgan’s global investment banking head, was offered congratulations. “Well, we’ll see,” was all he could muster in reply.
He wasn’t alone in his doubts. Many of his colleagues shared this latent resentment at being taken over by what they saw as the commercial bankers from Chase.
A year later, most of the senior executives from the old JP are no longer with the bank.
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