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J.P. Morgan starts e-finance unit

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New York--An industrial revolution paragon is trying to shed its old economy reputation. J.P. Morgan & Co., the investment bank, has launched an e-finance unit, LabMorgan. The unit, with a war chest of $1 billion, will develop Internet projects within J.P. Morgan and invest in outside Internet financial start-ups. Only a handful of other financial institutions, including Chase Manhattan Bank and Wells Fargo & Co., have started Internet units.
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