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Bank One cuts Citi's credit card edge; Size alone won't win game in wake of merger.(News)
Crain's Chicago Business, March, 2004
Byline: TOM FREDERICKSON Crain News Service Determined to promote its own brand, Citigroup Inc. five years ago demanded that Visa allow the bank to relegate the charge company's logo to the back side of Citi's credit cards. When Visa balked, New York-based Citigroup shifted its business to MasterCard, which was only too happy to alter its long-standing policy to appease the clear market leader.
Once, Citi had that kind of power. Soon it will not. The pending merger of Chicago-based Bank One Corp. and New York's J. P. Morgan Chase & Co. will create a credit card issuer that by some measures is even bigger and more aggressive than Citi. "Now, there is no undisputed champion,'' says James Accomando, president of credit card consultancy Accomando Consulting...
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