CNBC: JPMorgan Chase CEO Jamie Dimon has made no secret he wants to buy another bank, and Wachovia is high on the firm’s radar screen, JPMorgan insiders have told CNBC.
The possible deal fits nicely into JPMorgan’s game plan as publicly stated by Dimon, which is to expand the firm’s commercial bank, particularly in the Southeast. Even with $30 billion in bad loans, Charlotte, N.C.-based Wachovia could fetch around $39 a share, says Deutsche Bank analyst Mike Mayo.
For JPMorgan, there are several potential roadblocks with any Wachovia deal. A deal of this size would preclude other deals that JPMorgan may be considering, including another bank in the Southeast that sources at JPMorgan say is on the radar screen: Suntrust.
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