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NEW YORK The investment banking arm of JPMorgan Chase & Co. has hired independent mcgarrybowen to develop global brand image advertising after a review, said sources.

The co-finalist for the business was Interpublic Group's Lowe in New York, sources said. The assignment is new and spending is still being determined. Sources, however, expect JPMorgan to put about $40 million behind the effort.

News of the hire comes as JPMorgan moves to acquire Bear Stearns in an unusual U.S government-financed deal worth an estimated $236 million.

Mcgarrybowen here is a JPMorgan Chase roster shop that handles Chase's consumer banking and credit card advertising.

In the past, JPMorgan has used different agencies for local ad efforts without a broad, overarching brand image campaign, according to sources. Mcgarrybowen's first work is expected in the fall. The agency referred calls to the New York-based client, who could not immediately be reached.

Sources did not know who would handle media duties on the new global assignment. Publicis Groupe's Zenith Optimedia here is the media shop for Chase.

JPMorgan becomes the second win this month for Mcgarrybowen, following Hewlett-Packard Co., which added the agency to its global creative roster to handle projects. Other clients include Kraft Foods, Reebok, Marriott and Walt Disney Parks & Resorts.