Newspaper article from our research archive:
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Bank One ditching companies May stop or reduce loans to others if they don't buy more
- Article from:
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Chicago Sun-Times
- Article date:
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July 4, 2001
- Author:
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Copyright informationCopyright 2001 Chicago Sun-Times. (Hide copyright information)
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Bank One Corp., the No. 5 U.S. bank, will stop lending to 318
companies and notify 636 others it may drop them or extend less
credit if they don't hire the bank for other business, according to
an internal bank document.
The crackdown, which involves half of the Chicago-based bank's
1,828 corporate customers with more than $250 million in annual
sales, is part of a drive by Bank One and other lenders such as Bank
of America Corp. to boost income by using lending muscle to vie for
cash management, asset management and securities underwriting
assignments.
''All the banks I work with want that ancillary business,'' said
Joe Cooper, treasurer of Big Lots Inc., one of the companies Bank One ...
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