JPMorgan M&A Email Raises Questions

Santander also wonders why JPMorgan does not attempt to acquire General Electric(GE)'s GE Money unit in the United States. Cerezo reports Dimon as saying the fact that the credit card business is all private label makes it easy to lose to competitors, like JPMorgan.

Dimon also explained several reservations he has about doing business in China, including a relationship he describes as "a one-way street," with Chinese partners asking much and giving nothing in return.

Cerezo also describes the two bank chiefs as discussing various corporate governance issues, noting there is "obviously very good chemistry between Jamie and Botin, who would like to see him next time he is in New York."

Representatives from JPMorgan, Santander and the Department of Justice all declined comment for this story.

--Written by Dan Freed in New York.

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