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Non-Tech : BANK ONE -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (359)	3/17/2000 7:54:00 PM
From: Steve Fancy	Respond to of 466

Bank One says job cuts may total 5,100 WASHINGTON, March 17 (Reuters) - Bank One Corp. (NYSE: ONE), the fourth largest U.S. bank which had warned of job cuts, specified on Friday that it may eliminate 5,100 jobs in units that would include credit card and consumer lending. The Chicago-based company, which has issued several profit warnings, disclosed the number of staff reductions in its annual report filed with the Securities and Exchange Commission. "The net reduction in full-time equivalent positions is anticipated to approximate 5,100, with an estimated severance cost of $143 million," Bank One said in the regulatory document. The majority of the reductions had already been communicated to employees or were occurring through normal attrition, it said in a separate statement. About 1,000 of them had been eliminated in the credit card division, including through attrition, said the company, whose First USA credit card operation became troubled last year due to rising interest rates and customers defecting to rivals after it imposed more late fees. "It has been our experience that many affected employees find new jobs in other areas of the company," the statement said. "Also, the company continues to create jobs as operations grow in other parts of the bank." It cited, as an example, a new remittance processing center in Baltimore, Md., that it said will create 500 jobs. Bank One shares were down 3/16 to 27-1/2 in late afternoon trading on the New York Stock Exchange.

To: Big Dog who wrote (359)	3/17/2000 8:00:00 PM
From: Steve Fancy	Respond to of 466

RESEARCH ALERT - Ryan Beck on Bank One NEW YORK, March 14 (Reuters) - Ryan, Beck Southeast Research reiterated its hold rating on shares of Bank One Corp. (NYSE: ONE), saying it was skeptical about a speedy earnings turnaround at the bank. -- The bank held an analyst meeting on Monday, to try and instill some confidence in its $2.80-$3.00 earnings estimate for 2000, analyst Lawrence Cohn wrote in a research report. Bank One warned on March 3 that Wall Street estimates were too high for the quarter, its fourth warning since last summer. -- "No individual piece of the company's plan for earnings growth seems unreasonable," Cohn wrote. "But essentially everything has to break the company's way, in our opinion, for the company to achieve its targets." -- Particularly concerned about the bank's ability to stem the rate of credit card defections while cutting costs, he said. Sees no hurry to buy Bank One stock. -- Key to an earnings rebound is a rapid improvement in profitability at credit card arm First USA, Cohn wrote. The bank indicated it expected credit card earnings to double from the first to the second quarter, and that earnings for the first half should come in at $1.30-$1.35 a share, he said.