It always seemed likely that the merger between Chase Manhattan and Chemical would produce phenomenal results but even in Chase itself many people have been surprised at how well the past year has gone.
With hindsight, it is possible to see just how seamlessly the two banks were integrated. During the merger, clients were kept informed of every decision and consequently there was no fall-off in clients, revenue or business. Chase now has a physical presence in more than 50 countries and clients in more than 180. Probably more important, its financial performance for the last year exceeded even its own expectations. Global wholesale banking alone generated a net income of $2.2 billion and return on equity of 21%.
The two banks have managed to complement each other's activities well and where there have still been shortfalls the merged bank has invested time and money in hiring the people and buying the equipment to fill any gaps. Chase now has a reputation for being a big player in a large number of markets. It is one of the very few institutions to which the hackneyed phrase "one-stop banking" can be applied with justification.