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Stock Analyst Update

Dimon Douses Bank One in Reality

The bank's new CEO assesses the company's problems for analysts.

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The denial at Bank One (ONE) is apparently over. In his first conversation with Wall Street analysts, Bank One's new top executive gave a frank and refreshing assessment of the company's problems, which include a derailed credit-card division, poor customer service, and an unwieldy computer system.

Jamie Dimon, who last week was named Bank One's chairman and chief executive officer, did not go into specifics about how he planned to right Bank One's wrongs during the Wednesday afternoon conference call. But his description of the company's problems was a nice change from previous management's insistence that nothing was wrong with Bank One beyond its First USA credit-card division.

Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.