Morgan OnLine was supposed to introduce J.P. Morgan & Co. to a new breed of wealthy, though not ultrarich, clients — those with assets of $1 million to $5 million.

But less than two weeks after Morgan and Chase Manhattan Corp. became J.P. Morgan Chase & Co., the combined organization has fired three-fifths of Morgan OnLine’s employees and is repositioning the site. Instead of being a driver of new business, it will concentrate on retaining the combined companies’ roughly 65,000 private banking clients, about 13,000 of them — mostly people with assets of at least $25 million — from Morgan.

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