Finance
JPMorgan Sees Gain of About $8 Billion From Visa Exchange Offer
This article is for subscribers only.
JPMorgan Chase & Co. said it expects to book an $8 billion accounting gain after completing its part of a deal with Visa Inc. letting big banks restructure their stakes in the payments giant.
The plan, announced last year, allowed JPMorgan to tender 37.2 million shares of Class B-1 common stock in Visa in exchange for a combination of Class B-2 common stock and Class C common stock, the bank said Monday in a filing.