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Stock Analyst Update

Bank One's New CEO Should Shake It Up

But the former Citigroup president may not fit in culturally.


Bank One (ONE) shareholders finally have something to get excited about. The company announced Monday afternoon that it has tapped Jamie Dimon, former Citigroup (C) president, to be Bank One's chairman and chief executive officer.

Dimon, a mover and shaker in the banking industry, should give much-needed direction to Bank One. The Chicago-based company has been struggling since August, when it announced that troubles in its credit-card division would drag down future earnings. Problems in that area have lingered, and Bank One's stock price has lost more than half of its value since the August announcement. Bank One's former chairman and CEO, John McCoy, was forced out in December, and the bank has warned several times in recent months that earnings will disappoint.

Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.