J.P. Morgan Executives See Reorganization Adding to Pretax Profits -FT

Date : 08/12/2012 @ 6:02PM
Source : Dow Jones News
Stock : JP Morgan Chase & Co. (JPM)
Quote : 87.0  -0.61 (-0.70%) @ 7:41PM

J.P. Morgan Executives See Reorganization Adding to Pretax Profits -FT

JP Morgan Chase (NYSE:JPM)
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Following the announcement by J.P. Morgan (JPM) Chief Executive Jamie Dimon that the company planned to merge its corporate and investment banks, two company executives said the reorganization could help increase the bank's pretax profit, The Financial Times reported on its website Sunday.

Michael Cavanagh and Daniel Pinto, the co-chief executives of the newly formed division, said the move should eventually add $1 billion to pretax profit within five years, the FT reported.

Mr. Cavanagh also said the new unit intends to add bankers, especially in its foreign exchange operations, the FT reported.

Newspaper website: www.FT.com

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