Bank One plans restructuring, reveals charge

Article Abstract:

The 4th largest bank in the US, Bank One Corp. will expect its credit-card subsidiary, First USA, to return to profitability. Currently the parent firm is announcing that it will take a $725 million charge against its Q4 earnings, due solely to the troubles of First USA. However, steps to improve profitability and earnings will reach beyond First USA. Layoffs and consolidation of facilities are also planned.

Bank Credit Cards, Management, Profit, Profits, Credit and debit card industry, Credit card industry, First USA

---

Bank One's net rises 11%, led by credit cards

Article Abstract:

Bank One Corp. posted an improvement of 11% in its profits for the second-quarter of 1999. The bank benefited from the strong performance of its credit card businesses. Bank One, the fifth-largest bank in the US, also profited from reduced bank loan provisions. Bank One has total assets worth $256 billion (248.6 million euros). The company reported $992 million in net income for the quarter.

Comment:

Posts improvement of 11% in profits for second-quarter of 1999

---

Doubts sting Bank One shares

Article Abstract:

Bank One Corp. saw its share value fall by as much as 22% due to a projected earnings decline. The earnings shortfall raised concerns about the company's strategy for consumer lending. Bank One's shares closed at $43.125 (40.99 euros) on the New York Stock Exchange. This amounted to a decline of $12.50. Other major credit card issuing banks also saw their share values drop as a result.

Securities prices, Securities

Similar abstracts:

• Abstracts: Intel's net falls 82%, but firm predicts better second half. Semiconductor trade group expects sales to miss target
• Abstracts: Unilever's pretax profit rises, but concern grows over sales. Unilever expects double-digit gain in net earnings
• Abstracts: PPR's net profit slides by 47%, but Gucci lifts operating results. PPR's sales rise 20% aided by acquisitions
• Abstracts: HSBC integrates republic, with care. Royal Bank gains support. NatWest has two weeks to fight bid
• Abstracts: Goldman faces new tensions in trading, serving hedge funds. CSFB's parent tightens grip. U.K.'s Durlacher sees shares soar on web investing

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.