JPM pays $1.9bn for WaMu after biggest US bank failure

Washington Mutual Bank became the latest casualty of the US banking crisis last night after the Federal Deposit Insurance Corp took control of the sixth-largest lender in the country. It is the biggest bank failure in US history.

  • 26 Sep 2008

JP Morgan stepped in with a $1.9bn payment to acquire WaMu’s assets and deposits and assumed all its qualified financial contracts.

Equity and preferred shareholders have been wiped out, but as EuroWeek went to press the fate of senior creditors is unclear.

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 346,069.71 1350 8.09%
2 JPMorgan 342,066.65 1471 7.99%
3 Bank of America Merrill Lynch 307,117.30 1065 7.18%
4 Barclays 258,537.34 976 6.04%
5 Goldman Sachs 227,890.51 774 5.33%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 48,411.81 205 6.53%
2 JPMorgan 46,311.15 105 6.25%
3 UniCredit 40,595.43 182 5.48%
4 SG Corporate & Investment Banking 38,348.83 146 5.17%
5 Credit Agricole CIB 38,097.35 189 5.14%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 14,514.87 63 9.19%
2 Goldman Sachs 13,469.15 66 8.53%
3 Citi 9,971.36 58 6.32%
4 Morgan Stanley 8,572.10 54 5.43%
5 UBS 8,414.70 37 5.33%