The top executives of Chemical Banking Corp. and Chase Manhattan Corp. said they expect market clout, cost reductions, and technology capabilities will add up to a handsome payback on the $10 billion merger deal they announced on Monday.

"We are seizing upon a truly unparalleled opportunity to create a premier global financial services company," Walter V. Shipley, chairman and chief executive officer of Chemical, said as the money-center banks set a new valuation record in this record-setting year for bank mergers.

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