BANKING & FINANCE - May 24, 1995

J.P. Morgan Unit’s Sale Confirmed: Bank of New York Co., the nation’s 16th-largest bank, said it agreed to buy the securities custody business of J.P. Morgan & Co. for an estimated $300 million. Bank of New York will take over $800 billion in client assets that J.P. Morgan currently holds in custody accounts, lifting its total assets under custody to almost $3 trillion. Terms of the transaction were not disclosed. Bank of New York shares jumped $2 to $39.25 on the NYSE; J.P. Morgan shares rose $1.625 to $69.875.