Thanks in part to the credit crunch, potential rival bidders dropped out of the race earlier this year: Gerardin said that Britain's Barclays had faced serious concerns over potential wider financing issues and pulled out, while the fire-sale acquisition of beleaguered prime broker Bear Stearns meant JPMorganChase no longer needed to knock at Bank of America's door.
Thanks in part to the credit crunch, potential rival bidders dropped out of the race earlier this year: Gerardin said that Britain's Barclays had faced serious concerns over potential wider financing issues and pulled out, while the fire-sale acquisition of beleaguered prime broker Bear Stearns meant JPMorganChase (nyse: JPM - news - people ) no longer needed to knock at Bank of America's door.