58B Bank Deal Set

8/14/2019 58B Bank Deal Set

1/13

$58B bank deal set

J.P. Morgan agrees to buy Bank One in a deal that wouldcombine two of the nation's biggest banks.January 15, 2004: 11:07 AM EST

NEW YORK (CNN/Money) -J.P. Morgan Chase & Co. hasagreed to buy Bank OneCorp. for about $58 billionin a merger that willcombine two of the biggestbanks in the United States,the companies announcedWednesday.

The merged entity would rank as the nation's No. 2 bank behindCitigroup, with assets of $1.1 trillion and 2,300 branches in seventeenstates.

On its own, J.P. Morgan would have fallen to No. 3 after Bank ofAmerica Corp.'s $47 billion deal to buy FleetBoston Financial Corp. iscompleted. Bank One currently ranks No. 6.

The deal for Chicago-based Bank One will extend J.P. Morgan's reachthrough the Midwest and the Southwest, and lessen its dependenceon investment banking and trading, analysts said.

J.P. Morgan also gets a strong retail and credit card presence withBank One, the world's largest Visa card issuer.

Analysts were enthusiastic. "There is a real logicto [the Morgan-Bank One merger]," Bert Ely, abanking consultant at Ely & Co. in Alexandria,Va., told Reuters. "The only thing I wouldwonder about is might a competing bid comein."

"Lovely deal," Michael Stead told Reuters.Stead, who runs the $550 million Wells Fargo

SIFE Specialized Financial Services fund, ownsshares of both banks. "They would command awider geography, and they could cross-sellproducts more easily. A combination would bebetter than the sum of the parts."

J.P. Morgan Chase, whose roots date to 1799, was formed threeyears ago from the merger of Chase Manhattan and J.P. Morgan.

Bank One's JamieDimon is expected totake charge of themerged entity aftertwo years.

8/14/2019 58B Bank Deal Set

2/13

The merger of J.P. Morgan and Bank One, expected to close in mid-2004, would be the third largest in U.S. financial services. In 1998,Travelers Group bought Citicorp for $70.2 billion to create Citigroup,and NationsBank bought BankAmerica for $59.2 billion to create Bankof America Corp.

The terms

Under the deal announced Wednesday,New York-based Morgan said it wouldexchange 1.32 shares of its stock for eachBank One share.

At Wednesday's closing prices, that wouldequal $51.77 a share, or about $58 billionbased on Bank One's roughly 1.12 billionshares outstanding.

J.P. Morgan said Chairman and CEOWilliam Harrison, 60, will take those rolesat the merged company. Bank One chiefJamie Dimon, 47, will become CEO of the company in 2006, thecompanies said.

That represents a coup for Dimon, who moved to the helm of BankOne in the spring of 2000 after leaving Citigroup, where he had beenconsidered a leading contender for the top job.

Cost cutting is part of the logic of the deal. Harrison said "we willhave about 10,000 job eliminations," about 7 percent of the banks'

U.S. work force. He said the banks haven't decided where cuts willbe, but "the number will hopefully not be near 10,000 because we'llhave attrition."

J.P. Morgan said it expects $3billion of pretax merger costs, and$2.2 billion of pretax savings overthree years. It said it expects themerger to boost profit in 2005.

Bank One (ONE:Research,Estimates) stock jumped 10percent while J.P. Morgan (JPM:

Research, Estimates) sharesslipped 4 percent in after-hours trading on Instinet.

J.P. Morgan had assets of about $793 billion as of Sept. 30 whileBank One's assets totaled $290 billion.

.P. Morgan, Bank One to joinBy Thor Valdmanis, Christine Dugas and Adam Shell, USA TODAY

WilliamHarrison,chairmanand CEOof J.P. Morgan Chase,and James Dimon,chairman and CEO ofBank One, talk abouttheir proposed $58billion merger.

Play video

(Real or WindowsMedia)

YOUR E-MAIL ALERTS

Follow the news that matters toyou. Create your ownalert to benotified on topics you're interested in.

Or, visitPopular Alerts forsuggestions.

Manage alerts |What is this?

8/14/2019 58B Bank Deal Set

3/13

NEW YORK Little more than five years after being cast into exile, Jamie Dimon is returning toWall Street on a chariot.

Bank One Chairman JamieDimon.

By Ron Wurzer, Getty Images

Dimon, a one-time protg of Citigroup chief Sandy Weill before hisabrupt firing in 1998, is set to lead the blockbuster $58 billion bankingcombination of J.P. Morgan Chase (JPM) and Bank One (ONE),announced late Wednesday amid a whirlwind of market speculation.(Related chart: Leading U.S. bank merger & acquisition deals)

Set to take over as CEO in 2006 under a detailed power-sharingarrangement, Bank One CEO Dimon hopes to lead a colossus that gluesJ.P. Morgan's volatile investment banking and trading concerns with themore predictable consumer and credit card businesses of Bank One.

J.P. Morgan Chase, as the combined company is to be known, would bethe nation's second-biggest bank, with $1 trillion of assets and 2,300branches in 17 states centered in the Midwest and Northeast. Only Weill'sCitigroup (C), with its huge global reach, would be larger.

"I don't think Citi is going to wake up in apanic at this news," says BrockVandervliet, the banking analyst atLehman Bros. who proved prescient witha note last week trumpeting potentialbenefits of a J.P. Morgan-Bank One deal."Sandy will likely say: 'Good luck ingetting the integration right, and we'll seewhere you are in two years.' "

The odds are against success.

"About 70% of banking mergers fail,"

says Bain & Co. financial servicesconsultant Charles Farkas. "But if youlook at J.P. Morgan, the bank is really the

product of a number of successful mergers. So their team is much morelikely to make it work."

In a Thursday morning meeting with Wall Street analysts, Harrisonemphasized that integration of Bank One's retail operations with J.P.Morgan's commercial and investment banking prowess would create "a

By Henny Ray Abrams, AFPWilliam Harrison Jr., chairman of

J.P. Morgan Chase.

8/14/2019 58B Bank Deal Set

4/13

balanced model" that should lead to less-volatile earnings and a highermarket valuation.

Harrison also disclosed that he and Dimon "had talked over the yearsabout strategic options" but that negotiations toward a merger becameserious last November.

Dimon called the J.P. Morgan-Bank One combination "the perfect fit" andadded: "The reason to do this is because it's great for shareholders ... andright for the company."

Banking mergers are back in vogue, most notably with the October $49.3billion deal that ties together Bank of America, the nation's third-largestbank, and FleetBoston Financial, the seventh-largest. Regional bankssuch as Wells Fargo and Wachovia are likely to come under intensepressure from shareholders to grow through acquisition. (Related video:New team already talking about getting bigger)

Although the deals haven't improved service or reduced fees for

consumers, regulators are unlikely to block any proposed mergers,analysts say. Several thousand banks still operate in a highly competitiveenvironment.

J.P. Morgan and Bank One say they are aiming within three years toproduce ongoing annual cost savings of $2.2 billion and are determined tobuild on their top-tier positions in retail banking and lending, credit cards,investment banking and asset management. Merger-related costs areexpected to be $3 billion. The companies expect to eliminate 10,000 jobs,or about 7% of their combined U.S. workforce.

The merger's success will likely hinge on how well the businesses meshand how well the hard-driving senior executives get along. William

Harrison Jr., J.P. Morgan's chairman and CEO, will keep those jobs in thecombined company, while Dimon will be chief operating officer beforetaking the reins two years after the deal closes.

In interviews late Wednesday, both Harrison, 60, and Dimon, 47, stressedthat they are determined to make the partnership work.

"We've known each other for years," Harrison says. "We've already mademanagement decisions three levels down. We've both been throughenough mergers to know that is of critical importance."

8/14/2019 58B Bank Deal Set

5/13

Under the terms of the deal, Bank Oneshareholders would receive 1.32 J.P.Morgan shares for each Bank Oneshare, valuing Bank One at $51.77 ashare, a 14.5% premium over itsWednesday closing price of $45.22. Asword of the deal began to leak in lateafternoon, investors pushed up theshares of both banks: J.P. Morgangained 32 cents to $39.22 and BankOne gained 61 cents to $45.22. In after-hours trading, J.P. Morgan sharesdropped $1.40 to $37.82. Bank One fell7 cents to $45.15. J.P. Morgan is payingabout 2.7 times book value for BankOne, roughly the same multiple Bank ofAmerica is spending on Fleet, analystssay.

The merger would allow Dimon to gohead to head with Weill, Citigroup'schairman. Friends say the pair havepatched up differences but remainhighly competitive.

"It is a Horatio Alger story," saysRichard Bove, managing director atbrokerage Hoefer & Arnett. "He (Dimon)got booted out of Citigroup, was out ofthe industry. (He) becomes CEO ofBank One and spends three tortuousyears to turn the bank around. And nowhe has engineered a blockbuster."

Triumphant return

Dimon relishes his comeback role. "Idon't know about coming back on a chariot, but I did feel cast out," hesays.

Fresh out of Harvard Business School at age 26, Dimon took a job withWeill and, through a series of acquisitions over two decades, helped buildinsurance powerhouse Travelers Group. But by the time Travelers boughtCiticorp in 1998 to create Citigroup, the world's biggest name in financialservices, the relationship between Weill and Dimon had worn thin.

On Nov. 1, 1998, Weill fired Dimon, and Dimon spent more than a yearreviewing his options.

When he took over an ailing Bank One in 2000, Dimon stressed that hedid not take the job just to prepare the company for sale.

"I want to make the company strong so it's a predator, not the prey," hesaid at the time. He bought $58 million in his new employer's stock with

J.P. Morgan Chase

Headquarters: New YorkTicker symbol: JPM (NYSE)Chairman and CEO: WilliamHarrison Jr.2002 revenue: $29.6 billion

2002 net income: $1.7 billionThird-quarter 2003 revenue:$7.5 billionThird-quarter 2003 net income:$1.6 billionDescription: Second-largestfinancial services firm in the USA,with operations in more than 50countries.

Bank One

Headquarters: Chicago

Ticker symbol: ONE (NYSE)Chairman and CEO: JamesDimon2002 revenue: $22.2 billion2002 net income: $3.3 billionThird-quarter 2003 revenue:$4.1 billionThird-quarter 2003 net income:$883 millionDescription: Sixth-largest bank inthe USA, with 1,800 branches in14 states.

Sources: Hoover's, thecompanies, USA TODAY research

8/14/2019 58B Bank Deal Set

6/13

his own money, at $28 a share, as proof of his determination toresuscitate Bank One.

Moving his family from Manhattan to Chicago, Dimon succeeded in histurnaround effort. His investment in Bank One shares has paid offhandsomely.

Now, as he contemplates his return to Wall Street in what is being billedas a merger of equals, the big question is whether Dimon's brash,outgoing style will fit with Harrison's more reserved demeanor.

Harrison is a third-generation banker and an avid gardener who grew upin Rocky Mount, N.C., a cotton and tobacco town, where his grandfatherfounded Peoples Bank & Trust in 1931. He went to the University of NorthCarolina and played basketball for legendary coach Dean Smith, althoughhe was not a Tar Heels starter.

After earning a degree in economics, Harrison joined Chemical Bank andquietly worked his way to the top. He was instrumental in Chemical's $10

billion acquisition of Chase Manhattan in 1995, at the time the largestbanking acquisition ever. Harrison was named CEO of the combinedcompany in 1999.

But less than two years later, Harrison faced a barrage of criticism afterChase's $34 billion merger with J.P. Morgan. Critics said he overpaid foran investment bank that was racked by bad loans, venture-capital lossesand poor markets. Top bankers left the merged entity in droves.

But Harrison has turned the bank around in the past year, lifting itsperformance and its share price. That made a deal with Bank Onepalatable when he and Dimon first seriously broached the subject in earlyNovember. The deal was sealed in recent days. J.P. Morgan was advised

by J.P. Morgan Securities and law firms Simpson Thacher and Sullivan &Cromwell, while Bank One used bankers Lazard and lawyers WachtellLipton.

'This blows me away'

Wall Street was abuzz at news of the merger.

"This blows me away," says Robert McKinley, CEO of industry trackerCardWeb.com. "In our business, it will make a new No. 1 credit cardissuer. They will unseat Citibank."

Both credit card portfolios had been lackluster, McKinley says, noting thatBank One was just starting to improve at the end of last year.

The combined company will also be a powerhouse in retail banking, saysStuart Feldstein, president of SMR Research, a Hackettstown, N.J.,consulting firm. Other recent mergers also have been about expandingretail banking presence across the USA.

"It's all about geographic spread," says Feldstein.

8/14/2019 58B Bank Deal Set

7/13

Until now, J.P. Morgan hasn't had much of a retail banking presenceoutside the greater New York area. Instead, J.P. Morgan built a nationalpresence through corporate lending, securities business and assetmanagement.

"Both companies have a lot of experience in acquisitions," says Fitch

Ratings analyst Sharon Haas. "So I think the likelihood of success ispretty good."

J.P. Morgan Chase, Bank One Merger Ripples

Through Real Estate Industry

By Jennifer D. Duell, senior editor

Publication:Commercial Property News

Date: Monday, January 19 2004

After J.P. Morgan Chase & Co. and Bank One Corp. announced their $58-billion mega-merger

last week, real estate industry executives, particularly in Chicago and Dallas, were waiting to hear

how the marriage would affect their market.

Real estate experts agree that

bank consolidations rarely bode well for the commercial real estate industry. True to form, after

the merger announcement, J. P. Morgan Chase indicated that as many as 10,000 positions would

be cut as a result of consolidation and through attrition.

The merged company, which will be known as J. P. Morgan Chase & Co., will certainly be a

global financial powerhouse. But less clear is how much office space the combined companies

will need. While the exact amount of space that both companies lease is unknown, it is estimated

to be more than 10 million square feet nationwide.

The new company will be headquartered in New York City. The retail financial services business,

which includes the consumer banking and small business banking, will be headquartered in

Chicago. The Windy City will also serve as the headquarters for the middle-market business.

While it is too soon to say which areas across the nation will feel the merger the most, at first

glance it looks like Chicago and the Dallas-Fort Worth Metroplex could feel some pain.

8/14/2019 58B Bank Deal Set

8/13

"The Bank One situation is a major event in (Chicago), and one that will impact our downtown

market to some yet-to-be-determined extent," acknowledged Steve Stratton, managing principal

of The Staubach Co. "They have already been disposing of space?" For example, Bank One is

consolidating its operations at Dearborn Center.

Both banks have significant presences in downtown Dallas including large blocks of space in J.P.

Morgan Chase Tower at Ross Avenue & Pearl Street. J.P. Morgan Chase also leases space in

North Dallas, where it consolidated back-office operations in 1999. Similarly, Bank One leases a

large chunk of space in the Bank One Center building on Main Street.

Additionally, in 2003 Bank One began building a $40-million, 400,000-square-foot operations

center in Fort Worth that was scheduled to open this year. The company said it planned to bring

1,000 jobs to the facility to serve Bank One customers in 14 states.

The merger is subject to the approval of the shareholders of both institutions as well as U.S.

federal and state and foreign regulatory authorities. The approval is expected by the middle of

2004.

In addition, make sure to read these articles:

Find a Bank That Values Your Small Business

According to a survey from the National Federation of Independent Business ResearchFoundation , banks are beating the bushes trying to figure out who can ......

An Undignified End to an Internet Pioneer

An Undignified End to an Internet Pioneer I was one of Wingspan Bank's first customers whenthey opened their online banking system as a ......

Multimedia Available: J.P. Morgan Chase & Co.

Business Editors ADVISORY...for Wednesday (Jan. 14) NOTE TO EDITORS: Multimedia AssetsAvailable With This Story Include Text News Releases, Video --(BUSINESS WIRE) J.P. MorganChase ......

Financial Services Giants Shake Up Downtown

8/14/2019 58B Bank Deal Set

9/13

J.P. Morgan Chase & Co. and Cantor Fitzgerald L.P. are giving rise to concern in LowerManhattan, as both are taking space elsewhere.

FORTUNE Exclusive: Bank One CEO Jamie Dimon...

Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 26, 2004 In an exclusive interview with

Bank One CEO Jamie Dimon, FORTUNE magazine reports with new details on the ......

J.P. Morgan Chase to test new non-contact credit...

Coloradoans will be among the first in the nation to make credit card purchases with a blink. J.P.Morgan Chase & Co. has selected Colorado ......

Wayport Expands Corporate Presence in Dallas-Fort...

Company Aggressively Expanding Vertical Market Strategy, To Create Customer DemonstrationCenter AUSTIN, Texas -- Wayport, Inc., an international leader in the design and integrationof ......

Schaeffer's Midday Options Update Features J.C.

Business Editors CINCINNATI--(BUSINESS WIRE)--Jan. 15, 2004 Today's Schaeffer's MiddayOptions Update Features J.C. Penney (NYSE:JPC), IBM (NYSE:IBM), Yahoo!(NASDAQ:YHOO), Intel (NASDAQ:INTC), J.P. Morgan Chase (NYSE:JPM)....

Caliber Collision Centers Acquires Mr. Goodbody...

IRVINE, Calif.--(BUSINESS WIRE)--Dec. 2, 1999-- In yet another step toward delivering high-tech, high-quality and reliable collision repair service throughout the state of Texas, CaliberCollision ......

QI Systems Inc. Leases Executive Office Suite...

DALLAS & RICHMOND, British Columbia -- QI Systems Inc. (OTCBB:QIIIF), a developer andintegrator of smart-card payment and tracking solutions, today announced that it ......

Millbrook Named the 35th Fastest Growing...

Business Editors & High Tech Writers CARROLLTON, Texas--(BUSINESS WIRE)--May 22, 2001Millbrook Corporation has been named the 35th fastest growing technology company in theDallas/Fort ......

Financial Services Giants Shake Up Downtown

J.P. Morgan Chase & Co. and Cantor Fitzgerald L.P. are giving rise to concern in LowerManhattan, as both are taking space elsewhere.

J.P. Morgan Chase and Bank One Announce...

Business Editors NEW YORK & CHICAGO--(BUSINESS WIRE)--April 20, 2004 J.P. MorganChase & Co. (NYSE:JPM) and Bank One Corporation (NYSE:ONE) today took dividend actionsand ......

8/14/2019 58B Bank Deal Set

10/13

Schaeffer's Option Bytes Features Electronic Arts,...

CINCINNATI -- Among the stocks featured in the October 20 edition of Schaeffer's Option Bytesare Electronic Arts (NYSE:ERTS), J.P. Morgan Chase (NYSE:JPM), Teradyne (NYSE:TER), ......

TTT

Print Email Digg It del.icio.us

Related Resources

Press Releases

J. P. Morgan Chase & Co. and Bank One Corporation to Merge.

Business Editors NEW YORK & CHICAGO--(BUSINESS WIRE)--Jan. 14, 2004 - Strategic BusinessCombination Designed to Create Shareholder Value Through Balanced Business Mix, GreaterScale, Enhanced ......

Precept Business Services Receives $40 Million BankLine of Credit; Credit Facility to ProvideAdditional Financing forAcquisitions.

DALLAS--(BUSINESS WIRE)--March 25, 1999--Precept Business Services, Inc. ("PBSI"), thenation's largest independent distributor of printed business products and document managementservices and one of the ......

Hibernia Bank Expands in the Dallas/Fort Worth Metroplex; Bank to Open Branch Locations inCollin, Denton and Tarrant Counties as Part of $100 Million Expansion in Texas.

Business Editors DALLAS--(BUSINESS WIRE)--Dec. 2, 2003 Hibernia Bank (NYSE:HIB), one of theoldest and largest financial institutions in the Southern United States, today announced it ......

Related Posts

Next on the Economic Horizon: Massive Credit Card LossesBankruptcies, home forclosures, ultra high unemployment, and a souring economy has pushed therate of personal and small business credit card debt up. With nearly ...Read More

Refinancing Your Business Line of Credit: The Bad NewsYou need to plan on spending extra time and energy negotiating renewal terms for your line of credit.Read More

Bank Failure Fever: How Business Owners Can Cope

8/14/2019 58B Bank Deal Set

11/13

Bank failures are accelerating at an alarming rate this fall. How are small business owners affected? Ifyou are a depositor of funds in excess ...Read More

Premium Content

BANKERS SCORE ON WALLABIES.(Brief Article)

WHEN AUSTRALIA'S WALLABIES rugby team lined up against the British and Irish Lions lastweek, bankers from J.P. Morgan Chase & Co, UBS AG, and ...

Cards: The Art Of Cutting Collections Costs: Big card players are tapping Adeptra's ART to saveon credit card functions like payments, fraud alerts and new card activation. Its automated system also...

Zeroing in on credit card companies' need to cut the costs of managing fraud, collections andactivation of new cards received in the mail, a ...

.P. Morgan acquires Bank One

In the second largest US bank merger ever, New York-based J.P. Morgan Chase announced anagreement to acquire Bank One of Chicago. J.P. Morgan I the third-largest US banking company;

Bank One is #5. The new company will be the #2 bankin the US, second only to Citigroup, andonly by a few billion dollars in assets.

This merger follows in the wake of the last autumn'sBank of America-Fleet merger, which hadthe Bank of America leapfrog over J.P. Morgan, which has now turned the tables. Many think thatthe two mergers will trigger a rush of megamergers comparable to, or even greater than, those of1998-2002. In that period Bank One acquired First Chicago Bank (1998), and J.P. Morganacquired Chase Manhattan. As it is now, Citigroup, J.P. Morgan, and Bank of America faroutdistance any of their rivals, any of which may be ripe for takeover.

In the banking world, as elsewhere, large size has led to increased profitability. As an article in

the Wall Street Journal("J.P. Morgan Chase to Buy Bank One", 1/15/2004) points out:

Being huge offers significant advantages. For starters, large clients like being able to have alltheir financial work -- loans, underwriting, and mergers and acquisitions -- handled in one place,because this gives them leverage to reduce their costs.

There is also the matter of being better able to serve ever-larger multinational clients. Also,experts are of the opinion that the hot area in banking is now in consumer credit, rather thancorporate banking. Bank One's large retail position was therefore very attractive:

Scale matters most of all in the burgeoning business of consumer finance. Citigroup and ahandful of competitors have proved that lending to consumers -- via credit cards, mortgages orautomobile financing -- can turn a lumbering institution into a growth business.

The new company will doubtless look for new mergers once united, and Citigroup may try tocounter to maintain its leading position. A strong part of this urge to merge is the egos of theprincipals; for example, in this deal Bank One's CEO James Dimon (who will be heir apparent atthe new group) long worked with Citigroup where he was like heir until he had a falling out withCitigroup CEO Sanford Weill.

Among the targets discussed in anotherWSJarticle ("Which Bank Will be Next?", 1/15/2004) asthe next to fall are other localized banks for whose so-so results is causing investor pressure for

8/14/2019 58B Bank Deal Set

12/13

a selling out to a bigger bank. They include:

Detroit-based Comerica Inc., KeyCorp in Cleveland, U.S. Bancorp of Minneapolis, SunTrustBanks Inc., in Atlanta, National City Corp. of Cleveland, Sovereign Bancorp Inc. of Wyomissing,Pa., Union Planters Corp. of Memphis, Tenn., and SouthTrust Corp. of Birmingham, Ala.

Also vulnerable may be freestanding credit card companiessuch Capital One Financial Corp.,Providian Financial Corp., which are vulnerable simply because they are isolated.

Another acquisition in the banking industry is no surprise, but the magnitude of the deal tookmany off guard. The concentration in the banking industry and the de-localization of banking givegrowing power to a very few companies. Unfortunately, that concentration makes the economydepend more and more on the performance (and the probity) of a handful of individuals. In viewof the recent meltdowns of Parmalat, Enron, and WorldCom, along with the ongoing mutual fundscandals, that amalgamation of power in a few companies can have major -- bad -- nationalconsequences. And the political clout of these few banks is guaranteed to lead to less, ratherthan more, government oversight.

Top US banks by assets

Bank Assets (billions)

Citigroup $1,209

J.P. Morgan/Bank One $1,083

Bank of America/Fleet $924

Wells Fargo $304

Wachovia $388

U.S. Bancorp $189ABN AMRO $147

SunTrust Banks $125

HBSC North America $122

National City $121

Source:WSJ

Top US bank mergers

Year Acqurer Acquiree Value (in billions)

1998 Travelers Group Citicorp $72

1998 Nationsbank BankAmerica $62

2004 JP Morgan Chase Bank One $58

2003 Bank of America FleetBoston Financial $43

1998 Norwest Wells Fargo Capital $34

8/14/2019 58B Bank Deal Set

13/13

2000 Chase Manhattan J.P. Morgan $33

1998 Banc One First Chicago NBD $30

2000 Firstar US Bancorp $21

1997 First Union Core States Financial $17

1999 Fleet Financial Bank Boston $16

1997 NationsBank Barnet Banks $15

Source:WSJ

11:26:58 AM

comment [ 0]