July 8, 2008 / 2:51 AM / 10 years ago

JP Morgan 75% done with tough Bear integration: CEO

NEW YORK, July 7 (Reuters) - JP Morgan Chase & Co (JPM.N) is three-quarters of the way through the toughest part of its integration of Bear Stearns and has halved Bear’s risk-weighted assets, according to Chief Executive Jamie Dimon.

“We’ve had all the people decisions, we’ve made all the management teams have been integrated, we’ve started to move people between the buildings,” Dimon said in an interview with Charlie Rose on PBS televised on Monday.

“If you look at what they call risk-weighted assets — of $220 billion, it’s probably half that today. And so we had to get that risk down ... So I think we’re 75 percent through the toughest parts of it,” he said.

JPMorgan completed its fire-sale acquisition of Bear Stearns in May, following that bank’s stock plunge and near collapse earlier this year. (Reporting by Michael Erman; Editing by Lincoln Feast)

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