A surge of deals by European Internet companies could provide an opportunity to investment banks looking to break the stranglehold of the top three institutions in tech banking: Credit Suisse First Boston, Morgan Stanley Dean Witter, and Goldman Sachs Group Inc.

J.P. Morgan & Co., for one, is hoping its well-established European franchise will give it an edge in cornering the equity-raising needs of Continental dot-coms. It has just hired a London-based research analyst to focus on Internet companies.

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