JP Morgan Chase will absorb part of Bank One's domestic equity asset management group, Reuters reported on Friday. The information is based on an internal memo.

JP Morgan Chase will decide within a few weeks whether 40 portfolio managers, traders and analysts at Banc One Investment Advisors will either be laid off or join JP Morgan Chase in New York.

Quantitative and small-cap value research teams will remain in Ohio, while the diversified international equity team will join JP Morgan Chase's London office.

The merger between the two companies is expected to close on July 1. 

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