In the world of deal making, single or double digit billion dollar deals have become common place. They’re still nice and represent a huge pay day and guaranteed bonus cut for whoever seals them, but they’re just not that special anymore.
But then every now and then, someone closes a triple digit billion dollar deal and hits the cash register hard enough for Wall Street to take notice. Or, like JP Morgan just did? You get a trillion dollar deal in the house. That’s TRILLION.
Blackrock moved $1T of its assets from State Street to JP Morgan’s custodial accounts. In one day.
Whoever won the account for JPM just earned a fat bonus, nice vacation and bragging rights for days. The one who lost the account for State Street? Sucks to be them. I mean how do you swallow losing that big an account?
But anyhow, just wanted to highlight the goings on at what I consider one of my favorite companies and banks in the world.