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BANK ONE'S BID TO BE NATIONAL LENDING FORCE: FOLDS RETAIL LOANS INTO ITS FIRST USA CREDIT CARD UNIT.
Crain's Chicago Business, July, 1999 by JOHNSSON, JULIE
In a bid to become a nationwide force in consumer lending, Chicago's Bank One Corp. is shifting its massive retail lending operations to its First USA Inc. subsidiary in Delaware, the nation's leading credit card company. The nation's fourth-largest bank plans to use First USA's sophisticated direct marketing and new Internet-based bank as a launching pad to sell loans to consumers nationwide -- in addition to customers of its 14-state branch network.
The reorganization -- an unusual one in the banking industry -- was spelled out to Bank One employees in a memo late last month. It will effectively transform the Delaware credit card company into a consumer finance giant, managing $100 billion in loans within the $250.4-billion-assets bank. ``They hope...
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