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Suddenly, This Summer: Bank One's Profit Warning Came Out of the Blue
Two short months.
That, incredibly, is how long Bank One (ONE Quote) says it took for its $70 billion credit card business to go from silk purse to sow's ear.
A combination of competition and in-house mistakes, which, according to Bank One's top execs, only started to cause serious damage since June's end, could cause a shortfall of up to $530 million in second-half 1999 pretax profits at First USA, the bank's credit card division. ...
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