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Reflecting an intention to remain global players in the world of high finance, New York-based J.P. Morgan & Co. and The Chase Manhattan Corp. merged on Dec. 31.
The new entity, J.P. Morgan Chase & Co., is off to a rocky start in terms of financial performance, not to mention the morale issues that will accompany the planned elimination of 5,000 jobs. Wall Street, however, has overcome initial skepticism about Chase's $35 billion acquisition of J.P. Morgan. Investors pushed up the stock price of the combined entity 17.5 percent from the start of the year through Jan. 24.
J.P. Morgan and Chase Manhattan both were giants in commercial banking, earning the status of money center banks--large banks that play a role in the international economy through their corporate and …