JPMorgan Chase Conference Call on Acquisition of Bear Stearns

JPMorgan Chase is acquiring Bear Stearns in an all-stock transaction valued at approximately $236 million. The acquisition enhances JPMorgan Chase's investment banking and capital markets businesses. It provides significant prime brokerage, clearing, and other services. While there are risks, JPMorgan Chase expects the acquisition to be earnings accretive once fully integrated and generate approximately $1 billion in annual cost synergies. The acquisition requires shareholder and regulatory approval.