Just months before their merger is set to go before a shareholder vote, top executives from Chase Manhattan Corp. and J.P. Morgan & Co. are saying that cost savings and job cuts in investment banking could be far larger than they originally forecast.

In September, when Chase's deal to buy Morgan was announced, the two projected cost savings of roughly $1.5 billion, or 12% of the banks' combined expenses, and said most of that would come from combining their sizable investment banking operations. Shortly after the announcement, top executives estimated that about 3,000 would lose their jobs.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.