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Clinton Presidential Library
1200 President Clinton Avenue
Little Rock, AR 72201
Inventory for 2013-0186-F
Records of JP Morgan Merger with Chase Manhattan Bank
Extent
3 folders, 72 pages
Access
Collection is open to all researchers. Access to Clinton Presidential Records is governed by the
Presidential Records Act (PRA) (44 USC 2201) and the Freedom of Information Act (FOIA) (5 USC
552, as amended) and therefore records may be restricted in whole or in part in accordance with legal
exemptions.
Copyright
Documents in this collection that were prepared by officials of the United States government as part of
their official duties are in the public domain. Researchers are advised to consult the copyright law of the
United States (17 USC, 101) which governs the making of photocopies or other reproductions of
copyrighted material.
Provenance
Official records of William Jefferson Clinton’s presidency are housed at the Clinton Presidential Library
and administered by the National Archives and Records Administration (NARA) under the provisions of
the Presidential Records Act (PRA).
Processed by
Staff Archivist, 2012. Previously restricted materials are added as they are released.
Scope and Content
The materials in FOIA 2013-0186-F are a selective body of documents responsive to the topic of the
FOIA. Researchers should consult the archivist about related materials.
Announced in September 2000, the merger between J.P. Morgan and Chase Manhattan revolutionized
the financial services industry and represented one of the biggest acquisition deals in the banking history
of the United States. Chase purchased J.P. Morgan giving the two corporate partners $660 billion in
assets and establishing itself as the third-largest bank holding company in the country. The new entity
would be referred to as J.P. Morgan Chase and instantly become a global giant in investment banking as
well as retail finance and asset and wealth management.
The merger was completed in 2001, with retail banking operations keeping the Chase Manhattan name
and the majority of positions on the board of directors being filled by the same company. Top posts for
the new organization went to J.P. Morgan Chief Executive Douglas A. Warner as chairman and Chase
Chairman William Harrison as president and chief executive. The actual mechanics of the merger came
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�about through the swapping of shares; i.e. every 1 share of J.P. Morgan would be the equivalent of 3.7
shares of Chase Manhattan. Finally, in the matter of preferred shares the two corporate giants decided
to set-up an exchange program.
Realized because of evolving financial conditions, the merger between J.P. Morgan and Chase
Manhattan helped the competitors withstand the increasingly radical machinations of the big
multinational banks. Talks leading up to the union lasted two-to-three weeks with no outside advisers
playing a substantial role in the deal. Both firms had storied reputations in the financial services
industry. Founded in the mid-19th century, J.P. Morgan earned its spurs by providing the financing that
aided in the growth of U.S. Steel, General Electric, and AT&T into huge companies that helped
transform the United States into a global industrial giant. In addition, it made a bold move for the time
by loaning 10 million pounds to the French government at the less than propitious moment of the
Franco-Prussian War of 1870. Early on, Chase Manhattan Bank established close ties with the oil
industry. It fueled the meteoric rise of Standard Oil and successor corporations such as ExxonMobil by
investing millions and taking a reasonable risk on their future profitability.
White House Office of Records Management (WHORM) (OP) Files contain correspondence between
Douglas A. Warner and Erskine Bowles in his capacity as White House Chief of Staff. The exchange is
limited to one letter and provides little in the way of insight into the merger between J.P. Morgan and
Chase Manhattan.
The White House Staff and Office Files afford some information regarding the union between two of the
leading financial institutions in the United States. In the records of Peter Klein, there are a series of
newspaper artcles outlining the basic parameters of the agrement. The papers of Elgie Holstein of the
National Economic Council have two copies of a report authored by J.P. Morgan dealing with an entity
of the organization, the United States Enrichment Corporation (USEC).
System of Arrangement
Records that were responsive to this request were found in these collection areas—Clinton Presidential
Records: WHORM (OP) and Clinton Presidential Records: White House Staff and Office Files.
The White House Office of Records Management (WHORM) contains a variety of series created to
organize and track documents and correspondence. The WHORM Subject File was compiled by the
White House Office of Records Management and is a series of categories designated by a letter/number
combination. In addition, there are WHORM, WHORM Counsel, WHORM (CL), WHORM (OP),
WHORM (Too Late), WHORM (Various Offices), and WHORM (Alpha Project) series.
Staff and Office Files were maintained at the folder level by staff members within their individual
offices and document all levels of administration activity.
WHORM Files are processed at the document level; whereas, Staff and Office Files are procesed at the
folder level, that is, individual documents are not selected and removed from a folder for processing.
While this method maintains folder integrity, it frequently results in the incidental processing of
documents not wholly responsive to the subject area.
The following is a list of documents and folders processed in response to FOIA 2013-0186-F:
Box 1
Clinton Presidential Records: WHORM: (OP)
240266 [Morgan] [Warner, III, Douglas A.]
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�Clinton Presidential Records: White House Staff and Office Files
Council of Economic Advisors
Klein, Peter
Chase – JP Morgan [OA/ID 24357]
National Economic Council
Holstein, Elgie
[United States Enrichment Corporation (USEC) Presentation to the Board of Directors, JP
Morgan, April 12, 1995] [Loose] [2 Copies] [OA/ID 17393]
Last modified: 03/06/2015
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�
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Title
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Finding Aids - Collection Descriptions & Inventories
Description
An account of the resource
Finding aids at the Clinton Presidential Library contain a detailed description of the collection including the total number of pages or photos and length of video and audio recordings. Finding aids also include background information of the collection’s topic and details on the record type (ex: email, memorandum, briefing book, Betacam video, audio cassette etc). <br /><br />Finding aids describe collections at the box and folder level, and include a folder title list and information about the arrangement of the collection. <br /><br /><strong>Please note the majority of collections have not yet been scanned nor made available online.</strong>
Publisher
An entity responsible for making the resource available
William J. Clinton Presidential Library & Museum
Text
A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text.
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
JP Morgan Merger with Chase Manhattan Bank - Collection Finding Aid
Identifier
An unambiguous reference to the resource within a given context
2013-0186-F
Description
An account of the resource
This collection consists of records related to the merger between J.P. Morgan and Chase Manhattan Bank that took place in 2001. The historic transaction occurred because of evolving financial conditions and helped the two storied firms stand up to the increasingly radical maneuverings of the big multinational banks. Included in the material for the case are correspondence, newspaper articles, and reports. Of note, none of the documents provide much in the way of information about the merger between JP Morgan and Chase Manhattan Bank.
<b>Please Note: No items in this collection have yet been scanned nor made available online.</b>
Publisher
An entity responsible for making the resource available
William J. Clinton Presidential Library & Museum
Finding Aid