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Resource ID: #17790
Subject: Banking
Source: Columbus Monthly
Affiliation: 
Date: May

Description

"After the stock price tumbled and the big Chicago deal turned sour, the man whose family had built and run the Bank One powerhouse for three generations abruptly retired. He says his decision was best for the company, and he's at peace with his choice. But the memories - and the pain - surely will linger." John B. McCoy's family had been running the Bank One company for 65 years, ever since its inception as City National Bank in Columbus. In 1997 and 1998 Bank One merged with First USA Corp., and First Chicago Corp. The companies announced it as a "merger of equals," but according to sources from Bank One, it was anything but. Internal tension between employees from the different banks combined with decreased earnings led to McCoy's resignation as Chairman and CEO. Caton looks at what led to McCoy's decision and why some believe he never had a chance as CEO of the combined company.

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