Bank One CEO wants 15 percent earnings growth
Reuters, 04/5/2000 18:46
CHICAGO, April 5 (Reuters) - Newly named Bank One Corp. (NYSE:ONE) Chairman and Chief Executive James Dimon told analysts Wednesday that he would like to see the nation's fourth-largest bank post 15 percent annual earnings growth in the future.
But Dimon reiterated that he was still early in the process of determining what steps need to be taken to turn around the fortunes of Bank One, which has seen its stock price slammed by problems at its credit card unit that led to repeated earnings disappointments in recent quarters.
In 1999, the company reported earnings from operations of $3.46 a diluted share, up 6 percent from the previous year.
Dimon said his long-term goal was to see Bank One have a 20 percent return on equity. In 1999, the bank reported 17.1 percent return on equity on an operating basis.
Dimon said he has begun traveling to Bank One operations in different cities, but he did not yet have many answers on steps he will take to improve the company.
Bank One shares closed down 13/16 at 35-3/16 Wednesday. The shares have risen 24 percent since Dimon was named chief executive on March 27, although they are still closer to the 52-week low of 23-13/16 than the high of 63-9/16, chicago.equities.newsroom@reuters.com))
Copyright 2000, Reuters News Service |
