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Jamie Dimon may be on the prowl. The JPMorgan [JPM
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] chief, fresh from digesting Bear Stearns, has said that he anticipates more takeovers in the banking sector.
“I think the mark-to-market accounting makes it harder for a bank to buy a bank,” Dimon said in a conference call. “But it does not make it impossible. Certainly not for us.”
And he’s not the only one suggesting consolidation. CNBC’s Charlie Gasparino sees it too.
“The problem is in the business model,” says Gasparino. “Will the independent investment bank survive and I think the answer is no. I think they need to merge with money-center banks.”
But Gasparino doesn't stop there. He takes his thesis a step further and names three investment banks he thinks have few ways to produce profits in the future.
“Lehman [LEH
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], Merrill [MER
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] and Morgan Stanley [MS
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] won’t admit but I think they know they have to merge,” says Gasparino. “The trouble is who will buy.”
I agree adds Karen Finerman. I think the Fed wants it and it could very well happen.
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Trader disclosure: On July 18, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVID), (MSFT), (GS), (WMT), (HAS); Pete Najarian Owns (AAPL), (CHK), (TSO), (XLF); Pete Najarian Owns (CSCO) Calls, (MRK) Calls, ; Pete Najarian Owns A (YHOO) Call Spread; Finerman Owns (GS); Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns (MCC), (MSFT), (SUN), (TSO), (VLO), (MCC); Finerman's Firm And Finerman Own (C), (C) Leap; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (VLO), (RIMM), (INTC), (YHOO), (GOOG), (CME), (FCX), (BNI), (XLF), (IYT), (SU), (SA); Terranova Is Short September Crude Oil $130 Puts; Terranova Is Short September Crude Oil $130 Calls; Terranova Is Long September Crude Oil $154 Calls
Terranova Is Phoenix Investment Partners' Chief Alternatives Strategist And Co-Manages The Phoneix Diversifier Fund; Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX), (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), (DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT), (ESS), (OIIM), (BIG), (ENG), (PFD), (DRH); Phoenix Diversifier Fund Owns (IGE), (DBC), (DBV), (GOOG)
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