You have a guy running equities who is from Chase, but one of the reasons Chase bought Morgan was for equities.
Now he is doing client stuff. Looks like he's been pushed aside.
This will be a soap opera, with no one writing the script - stay tuned.
When I look at the list, Chase is running the company. Chase paid a lot for J.P. Morgan and it's theirs to run.
This is a very good deal for Citigroup. This deal doesn't change the world. But it has pretty attractive terms and it solidifies our earnings expectations for Citigroup.
It doesn't mean something can't be orchestrated behind the scenes. This will be decided in the court of public opinion.
This follows a natural progression of the company's strategy and the evolution of developing economies.
That bank is going to be able to offer other things in terms of insurance, savings products and accounts that combine investing products and bank products.
First Union doesn't have much of a currency to get into a bidding contest.
