1.   The two parent groups now run their business as a single combined operation.

2.   AMP President Jurgen Gromer will preside over the combined operation.

3.   Analysts said a combined operation would be able to close at least one refinery, taking some excess capacity off the market.

4.   And Lee promoted Kent B. Foster to oversee the combined operation, giving him the new title of president.

5.   And the companies would split the costs of the combined operation.

6.   Both Chase Manhattan and J.P. Morgan were active in private banking before their merger last year, and the combined operation became even more of a powerhouse.

7.   A combined operation would have greater buying power when dealing with vendors, giving it more pricing flexibility to compete against mass marketers, they said.

8.   But analysts pointed out that regardless of any antitrust actions, the combined operation will undoubtedly have fewer workers.

9.   Executives from the old Swiss Bank, which had a much bigger business in derivatives, are now largely in control of the combined operation.

10.   However, those workers who are not offered jobs with the new combined operation may be entitled to as much as six years severance pay.