JPMorgan plans to take advantage of enhanced retail distribution following its pending acquisition of Bank One by offering retail investors hybrid structures. David Coulter, chairman of the investment bank, private equity, investment management and private banking businesses at JPMorgan, said the firm pans to offer structured products--through Bank One's retail franchise--that will span equity, credit and interest rates.
On the institutional side, JPMorgan and Bank One are sifting through their corporate client bases to consolidate any overlap, Coulter said. He added, however, that the derivatives giant does not plan to make any immediate large cuts, but would instead reduce overlap gradually. The two banks are also already cooperating on an impending convertible bond issue, he said. Coulter declined to name the issuer.
