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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported) May 23, 1995
J.P. MORGAN & CO. INCORPORATED
(Exact name of registrant as specified in its charter)
DELAWARE 1-5885 13-2625764
(State or other juris- (Commission (IRS Employer
diction of File Number) Identification No.)
incorporation)
60 WALL STREET, NEW YORK, NEW YORK 10260-
0060
(Address of principal executive offices) (Zip
Code)
Registrant's telephone number, including area code (212) 483-
2323
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(Former name or former address, if changed since last
report)
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ITEM 5. OTHER EVENTS
On May 23, 1995, the Registrant issued a press release
announcing the
sale of its global custody business to The Bank of New
York. The
transaction is expected to close in six to nine months,
subject to
various regulatory and other customary business
contingencies, and is
expected to result in a gain. A copy of such press
release is filed
herein as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(a) Financial Statements
NONE.
(b) Pro Forma Financial Information
NONE.
(c) Exhibits
99. Copy of press release of J.P. Morgan & Co.
Incorporated dated May 23, 1995.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
J.P. MORGAN & CO. INCORPORATED
______________________________
(REGISTRANT)
/s/ PATRICIA A. JONES
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NAME: PATRICIA A. JONES
TITLE: MANAGING DIRECTOR
DATE: May 26, 1995
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EXHIBIT INDEX
Exhibit 99 - Press release of J.P. Morgan & Co.
Incorporated
dated May 23, 1995
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Exhibit 99
May 23, 1995
J.P. Morgan announces the sale of its global custody business
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J.P. Morgan announced today that The Bank of New York has
agreed to acquire Morgan's global custody business, including its
custody-related securities lending and domestic custody business
in the United States and the United Kingdom. The transaction is
expected to be completed in six to nine months; its terms were
not disclosed.
J.P. Morgan Chairman Douglas A. Warner III said: "Our
clients will be well served by The Bank of New York's commitment
to providing excellent, cost-effective service, and we will work
closely with them to ensure a smooth business transition. The
sale of this business reflects a sharpening of Morgan's strategic
focus and will free up resources to invest in core global banking
activities."
Morgan provides custody services for more than $800 billion
of client assets. The firm's decision to sell this segment of
its business reflects the increasing maturity of the custody
business and a trend toward consolidation among providers of
global custody services. Large, highly cost-efficient providers
increasingly dominate the field, and substantial continuing
investment in technology is required to remain a leader.
Assessing strategic priorities in light of these factors, Morgan
concluded that the potential value of its custody business could
best be realized by an institution focusing on custody as a core
service. The sale will enable Morgan to reallocate resources
with a view toward maximizing shareholder value.
J.P. Morgan's role as operator of the Euroclear System, the
world's largest clearance and settlement system for
internationally traded securities, will not be affected by the
sale.
J.P. Morgan is a global banking firm that serves clients
with complex financial needs through an integrated range of
advisory, financing, trading, investment, and related
capabilities.
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