JPMorgan Chase & Co. is said to be in discussions to acquire an estimated 300 Bank of New York branches in exchange for its corporate-trust business, The Wall Street Journal reports. According to The WSJ, JPMorgan, like other financial institutions, is looking to expand its retail banking business, signaled in part by its $58 billion purchase of Bank One Corp. in 2004. JPMorgan reportedly prefers the swap to avoid the high taxes in a cash deal. In cash terms, the corporate-trust portion represents about 15% of JPMorgan’s total profits.
