Business Services Industry
Bank One jam is real McCoy;Independence -- and CEO's future -- now in doubt.
Crain's Chicago Business, November, 1999 by JOHNSSON, JULIE
Bank One Corp. and its CEO John McCoy are confronting their very own Y2K crisis: whether Mr. McCoy will still be in charge into the new year, and whether Chicago's largest bank will survive as an independent institution. Mr. McCoy is operating on a very short leash after a Friday board meeting and his announcement earlier last week that worsening problems in Bank One's credit card unit will cause the bank to miss already-lowered fourth-quarter earnings targets -- the second such embarrassment within the past three months.
And while Mr. McCoy apparently has survived boardroom action -- for now -- sources describe his situation as extremely fluid. (Mr. McCoy declined to be interviewed for this story.) Straining his relationship with directors: a crisis of...
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