JPMorgan Chase acquired Bank One in 2004 in a deal valued at approximately $58 billion.
Bank One Corporation was a major American banking company headquartered in Chicago. It had been formed in 1998 through the merger of Banc One Corporation and First Chicago NBD, creating a large institution with operations across numerous U.S. states.
JPMorgan Chase announced the merger in January 2004, and shareholders approved it later that year. The transaction was structured as an all-stock merger and created one of the largest banking organizations in the United States. Bank One chief executive Jamie Dimon became president and chief operating officer of the combined JPMorgan Chase.
Dimon later became JPMorgan Chase’s chief executive, making the acquisition especially significant in the bank’s history. It is sometimes confused with JPMorgan Chase’s 2008 acquisitions of Bear Stearns and Washington Mutual, which occurred during the financial crisis.