Corporate and investment banking could contribute an additional 26%, Mr. Collins said. Mr. Collins describes himself as being "very bullish" about Fleet, which is merging with BankBoston Corp. Nonetheless, he is "somewhat cautious" about the company's ability to combine "nine separate businesses into a cohesive, synergistic whole" within 12 months of the merger's closing. He said J.P. Morgan's "earnings remain highly volatile and returns are subpar," though he noted that Morgan "has steadily rebuilt itself into a full-service wholesale financial services provider. "Ultimately it makes sense for J.P. Morgan to merge with a large European bank or U.S. investment banking franchise," Mr. Collins said. Such a move would "leverage the company's good name and do the right thing for shareholders." Carla D'Arista of Friedman, Billings, Ramsey & Co. also speaks highly of Chase.