EXHIBIT 23(G)

                     CONSENT OF J.P. MORGAN SECURITIES INC.

    We hereby consent to (i) the use of our opinion letter dated December 2,
2000 to the Board of Directors of The Quaker Oats Company (the "Company")
included in Annex D to the Joint Proxy Statement/Prospectus relating to the
proposed merger of the Company and PepsiCo, Inc., and (ii) the references to
such opinion in such Joint Proxy Statement/Prospectus. In giving such consent,
we do not admit that we come within the category of persons whose consent is
required under Section 7 of the Securities Act of 1933, as amended, or the rules
and regulations of the Securities and Exchange Commission thereunder, nor do we
hereby admit that we are experts with respect to any part of such Registration
Statement within the meaning of the term "experts" as used in the Securities Act
of 1933, as amended, or the rules and regulations of the Securities and Exchange
Commission thereunder.

                                                      
                                                       J.P. MORGAN SECURITIES INC.

                                                       By:  /s/ PALDEN NAMGYAL
                                                            -----------------------------------------
                                                            Name: Palden G. Namgyal
                                                            Title: Managing Director



January 9, 2001