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Analysts share the blame for Bank One's problems

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From: Chicago Sun-Times
Date: 19991226
Author:Mitchell Zacks

The reign of John McCoy, the CEO of Bank One who transformed a regional family bank into a national behemoth through voracious acquisitions, has come to an end. For better or worse, McCoy had begun to resemble a modern-day Ozymandias, a long-forgotten king from an antique land whom poet Percy Bysshe Shelley immortalized as saying, "Look on my works, ye Mighty, and despair."

Like many companies built on acquisitions, Bank One (ONE) made one acquisition too many. First USA - the $7 billion credit card operation he couldn't manage - was McCoy's hemlock, a drink he voluntarily ingested.

However, ...

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