Chase Manhattan's $36bn (€34.8bn) bid for JP Morgan would have a dramatic impact on the two banks' international ambitions but is unlikely to dislodge the global bulge bracket in the short term.

JP Morgan Chase & Company as the combined entity will be known will have around $660bn in assets and shareholder's equity of around $36bn. Douglas 'Sandy' Warner, JP Morgan's chairman and chief executive, will be chairman of the combined entity with his Chase counterpart Bill Harrison taking the reins as chief executive.