Bank One Poised for a Housecleaning
After another bad quarter, new CEO hints at changes.
Mark your calendars, Bank One (ONE) shareholders. The company's new chairman and chief executive told analysts Tuesday that he'll unveil his strategy for the company in mid-July, and based on the hints he's given so far, the plan should mean big improvements for the company.
Jamie Dimon, the former Citigroup (C) president who took the helm at troubled Bank One about three weeks ago, spoke to analysts after Bank One issued its first-quarter earnings report. Net income was $689 million, in line with analysts' reduced expectation of $0.60 per share. Profits declined by 40% from the year-earlier period due to problems in the company's credit-card unit, write-downs associated with poorly performing securities, provisions for bad loans, and losses from Bank One's Internet-only bank, WingspanBank.com.
Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.