For J.P. Morgan, Merger Presents A Rivalry Issue.

Reports that J.P. Morgan Chase & Co. has been speedily integrating operations since it acquired Bank One Corp. earlier this year, but there are no plans to integrate the banks' rival operations that specialize in corporate buyouts. Private equity businesses which are operating independently from separate buildings in New York City; J.P. Morgan, which has taken steps to avert potential conflict between the groups, which have different investment and management styles; Expected break out of J.P. Morgan's Bank One unit as an independent entity when the company spends the $700 million that J.P. Morgan has committed to the $2 billion fund.