According to MergerCentral, an internal information source about the ongoing merger, the two banks have won an equal split of Asia's dozen geographical jurisdictions, with each bank awarded five positions for individual country heads of investment banking and one co-head position. In virtually every case, the heads of investment banking will also be working with their former country managers, now known as SCOs (Senior Country Officers) under Chase's new terminology.

"The SCO positions were doled out a few weeks ago and it always looked as if the respective heads of investment banking would mirror them," says one banker who has worked for Jardine Fleming, Chase JF and now JP Morgan in the space of a few months. "It makes a lot of sense to maintain existing working relationships at this level of the bank, since this is where many of the key mandates will be won. Chase was not an investment bank, so it's also not surprising that they aren't well represented."

Some observers were initially surprised that Jardine Fleming managed to secure so many slots, particularly as it is the smallest of the three. Others, however, point out that the move reflects the firm's deep, local roots in the region and its long-established boutique franchise, which many JF stalwarts fear is in danger of being lost within the Chase behemoth.

JP Morgan will get Australia, China, Korea, Thailand, Singapore and the Philippines, while Jardine Fleming gets Hong Kong, Malaysia, Indonesia, India, Pakistan and Thailand where it co-heads with Morgan. Chase gets Taiwan.

In Hong Kong and China, the head of investment banking will also double as SCO. Originally, JF's Patrick Sun was said to have been earmarked as SCO in both countries, but he now gets just Hong Kong in return for also running investment banking. JP Morgan's Jin-Yi Lee will cover China. 

In Singapore, JP Morgan's Jeanette Wong and the effervescent Philip Lee will maintain their respective roles as country head and investment banking head. Lee also used to be head of investment banking in Malaysia. This role is now taken up by Chay Wai Leong.

In Thailand, co-heads will be JP Morgan's John Crane and Fleming's Christopher Yeoh, while Korea gets JP Morgan's well-connected Steve Lim. In the Philippines, JP Morgan's Simon Paterno becomes SCO, and in Australia, the role will be taken by JP Morgan's Trevor Loewensohn.

Fleming's assignments go to Reza ur Rahim in Pakistan, Roddy Sale in India and Michael Staheyeff in Indonesia, who will continue working with country head Jonathan Chang. India stands out as one of the few countries where there will be a country head from a different bank. JP Morgan's Dominic Price will fill the slot instead of Fleming's Robert Gibson who had already indicated his intention to move to the US.

In Taiwan, where one of the most heated internal battles is said to have been fought, no side has won, with Fleming's David Hsu and Chase's David Kuo splitting the SCO role between them and Kuo also running investment banking.

Where heads of industry and product groups are concerned, there is a much more even division of labour between the three banks. Chase has been assigned three of the major roles, with Flemings and JP Morgan getting two each.

Chase gets Multinationals run by Cynthia Green, Restructuring Advisory run by Mike Collins and M&A run by Richard Kelly. Under Kelly, there will also be three senior partners comprising: a Japan head - Arthur Ozeki of JP Morgan; an Asian head - Yong-Hak Huh of JP Morgan and Doug Morton of Jardine Fleming and; an Australia head, which has yet to be announed.

Power Oil & Gas and Infrastructure will be run by Fleming's Philip Jackson, with JP Morgan's Fai Au Yeung as deputy and Fleming's Samantha Hon overseeing Telecom & Media/Internet. JP Morgan's slots comprise James von Moltke running financial institutions and Steve Berger running General Industries.

Berger, who was formerly JP Morgan's head of investment banking in Indonesia, has been recompensed with a new department that oversees many old economy sectors including shipping, chemicals, aerospace and auto. He also gets leveraged and acquisition finance.

All of the senior roles were decided after a formal interview process conducted by regional investment banking heads Bong Consing (ex-JP) and Paul Beckwith (ex-Chase), alongside Chairman Anthony Leung (Chase) and ECM head Michiel Steenman (ex-JF).

All the country investment banking heads will report to Consing and Beckwith as well as their respective SCO's, while the group heads will report to Consing and Beckwith and also their respective global group heads. Because of the importance of growing the group's equities franchise, the internal memo stated that both sets of business heads will also "work closely and take guidance" from Steenman.