When Chase and Chemical announced their $10 billion merger pact in 1995, they stunned the banking world. In one fell swoop the two New York money-centers created a megabank with leadership positions in key businesses in the United States and abroad.

Three years later, the in-market merger that created Chase Manhattan Corp. seems almost quaint when compared with the cross-industry Citicorp- Travelers marriage and the cross-country NationsBank-BankAmerica deal. Even Chase chairman and chief executive Walter V. Shipley-a megamerger pioneer- says he could not have predicted the structural upheaval that has rocked the financial services world.

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