JP Morgan (JPM) is eager to swallow more rivals at distressed prices, and the New York Post has helpfully put together the firm’s shopping list. JPM has taken a close look at the top two candidates (WaMu and Wachovia), the Post says. It’s not clear if formal talks are underway, but there have been casual conversations. Here’s the list in order of appeal:
- Washington Mutual (WM): stock now at $5.54 and appears to be headed to zero.
- SunTrust (STI)
- PNC Bank (PNC)
- Wachovia (WB): Fired CEO, hired Goldman to dump crappy loan portfolio and then sell firm.
- US Bancorp (USB)
The goal here is to get the deals done before regulators move to raise capital requirements, which could make acquisitions more difficult. For WaMu, et al, the deals can’t come soon enough.