Newspaper article from our research archive:

Bank One buys credit card unit

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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