Jamie Dimon has struck again! The king of Wall Street late Thursday announced that JP Morgan Chase will be taking over Washington Mutual’s assets for $1.9 billion. JPM’s CEO has been nothing short of a genius over the past couple years. Not only has he side-stepped most of the toxic waste that has littered most heavy hitters on Wall St, he has orchestrated a stunning path to long-term growth via his acquisitions.
About 100 years ago JP Morgan himself was bailing out the nation’s financial system, today Jamie Dimon has been the man Washington is coming to for rescue. Bear Sterns a little more than six months ago, Washington Mutual this week.
I’ve been a firm believer in JPM for a long time. I last wrote about the bank several quarters ago (scroll down the page for latest article). Even though the short-term will bring with it alot of challenges, most notably with the tight credit markets and the weakening consumer I think JPM is on its way to long-term growth in all of its businesses. I believe WaMu will be a tough transition for the bank but believe it has the management team in place to get the job done in the quarters ahead. Many on the street have doubted Dimon before, but lately he has showed them just what he is made of.
I’ve been following the company for the better part of my life, and believe great things are ahead in the future. In time the economy will turn, credit markets will ease and the housing sector will show signs of growth. In time, JP Morgan will be one of the most heralded banks in the country, if not the world. A world class institution ran by a world class banker. I believe JPM will be a $100 stock in the future.
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