JPMorgan Raises $10 Billion in Stock Sale After sale of WaMu
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JPMorgan Raises $10 Billion in Stock Sale After WaMu
By Elizabeth Hester from bloomberg.com
Sept. 26 (Bloomberg) -- JPMorgan Chase & Co., which bought most of Washington Mutual Inc. yesterday, raised $10 billion in stock sale today.
JPMorgan, which is taking over deposits and branches of the Seattle-based savings and loan, sold the shares for $40.50, or 6.8 percent lower than yesterday's closing price of $43.46. The New York-based bank sold 246.9 million shares, according to a statement today.
JPMorgan raised more than the $8 billion it was seeking to offset an estimated $8 billion in credit provisions, write downs and losses in ...