The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Chase’s half-filled shopping basket

Is Robert Fleming worth $7.78 billion? Possibly, but at this price its new owner, Chase Manhattan, is going to have to work hard to extract value from the UK-based asset management and investment banking firm.

Flemings had been floundering for several years, and has the air of an institution with a fine history and a good deal of promise, but lacking the cohesion and scope to make a success long-term. Its investment banking activities in the UK and Europe hardly register on the scale. Its operations in Asia are formidable but the region is still dragging itself out of a two-year slump. Its asset management operations, though commendable, lack scale at $99 billion under management. Arguably the best way to extract value would have been to break up the businesses and sell them off separately.

Not according to Chase which is one of the few financial institutions that can claim success in its mergers and acquisitions. Ten years ago the sum of the commercial banking parts - Chase, Chemical and Manufacturers Hanover - were just three New York-area banks plodding along with no clear direction. The two-stage merger of these three is one of the few real successes among the US commercial bank mergers, producing a strong retail presence, good relationships with corporates across the US, top-notch loans and foreign exchange services and a solid fixed-income and M&A presence.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree