When Chase Manhattan Corp. and Chemical Banking Corp. announced plans to merge, Chemical chairman Walter Shipley predicted the combined bank would "achieve double-digit earnings-per-share growth, an efficiency ratio in the low 50s, and a return on equity of 18% or better."

But some analysts say the $297 billion-asset powerhouse might be in for an unwelcome surprise.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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