The planned merger of JPMorgan Chase and Bank One Corp. would likely create an ABS powerhouse, with a captive credit card origination unit rivaling Citigroup, which was 2003's lead ABS underwriter by nearly $10 billion. JP/One's underwriting volume could also benefit from massive in-house home-equity and auto-origination platforms.

If judging by numbers from 2003, the combined JP/One entity would have hit nearly $80 billion, topping Citigroup's $65 billion. That figure, however, disregards some overlapping banking relationships, particularly in auto loans where both BOCM and JPMorgan are in the selling group for each of the Big Three, plus American Honda Finance and Toyota Motor Co. Also, both have led transactions for Bombardier Capital and Harley Davidson.

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