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Bank One buys credit card unit
- Article from:
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Chicago Sun-Times
- Article date:
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April 9, 2001
- Author:
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Copyright informationCopyright 2001 Chicago Sun-Times. (Hide copyright information)
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Bank One agreed to buy Wachovia Corp.'s $8 billion credit card
portfolio in Jamie Dimon's first acquisition since taking over as
chief executive, making the bank's First USA Inc. unit the No. 2 card
issuer behind Citigroup Inc.
Chicago-based Bank One didn't disclose the purchase price of the
portfolio, which has about 2.8 million accounts. In a conference call
with investors and analysts, Dimon said he expects a cost savings of
$100 million. He didn't say how many of Wachovia's 1,400 credit card
employees would be offered jobs.
The acquisition is the first for Bank One since Dimon became CEO
in March 2000. The bank wants to bolster its ailing credit card
business, which has lost millions of ...
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