Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: David C. Burns who wrote (418)	7/2/2000 1:31:08 AM
From: Neil H	Read Replies (2) \| Respond to of 466

Honeymoon up for Bank One’s Dimon By CBS.MarketWatch.com Last Update: 4:33 PM ET Jul 1, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) - Wall Street is losing patience with Jamie Dimon, who’s just completed his first 100 days at the top of Bank One, Barron’s reports in this week’s issue. Bank One’s stock (ONE: news, msgs) is now about where it was in March when Dimon was brought in from Citigroup in a high-profile move to improve the performance and reputation of the nation’s fifth largest bank. Shares closed down 1 1/8 to 26 9/16 Friday. Plenty of banks have suffered in recent weeks as investors look for higher interest rates and a slower economy to hurt bank profits. Bank One’s problems seem deeper. The company has already written off $800 million in special charges in recent quarters and is expected to take another $1 billion charge in this fiscal year to clean up its balance sheet, Barron’s reported, quoting “knowledgeable sources.” Barron’s attributed most of the problems to “blunders” by Dimon’s predecessor as CEO, John B. McCoy. Dimon brought a reputation as a fixer from Travelers and Citigroup. His moment of truth may come on July 19, when he meets with analysts in New York following release of second-quarter earnings, the magazine said. He’s expected to unveil further moves to restructure the bank, which has 85,000 employees stretched across its 14-state Midwest and Southwest empire. Barron’s said operations in Utah and West Virginia could be auctioned off, as well as its Internet bank, WingspanBank.com. In addition, the $1.68 annual dividend could be slashed in half to keep its ratio of tangible equity to total assets above 5 percent. Despite the task ahead and all those “sell” recommendations on Wall Street, Barron’s said some smart money (like Legg Mason) is betting on Dimon.