Stories

The IRE Resource Center is a major research library containing more than 27,000 investigative stories.

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Search results for "Bank One" ...

  • Bank Roles: How consolidation alters the field. From credit cards to loans, giants are taking control.

    According to the article, "Gone are the days when many banks wanted to produce all things for all clients....Now, most banks are happy simply to offer an all-encompasing range of products and services--they just don't necessarily want to produce them themselves. Instead, they are contracting out the business, putting their names on products and services that originate from another bank." The article also says that Citibank, MBNA, Bank One, Chase, and Providian together control 62 percent of the U.S. credit card market.
  • Year of Truth: after Long Overhaul, Banc One Now Faces Pressure to Perform

    The Journal reports on change in direction for Bank One Corp., the nation's seventh-largest bank. The story tells how the company's president John B. McCoy has dropped the old system of autonomous banks, which his father has relied on, and has turned to centralization in order to boost the corporation's profit.
  • The Fall of John B. McCoy

    "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.
  • Loose Screws

    A New Times investigation examines "potentially serious construction problems at Maricopa County's $ 370 million Bank One Ballpark ... that could result in sections of the grandstands collapsing." The story uncovers a written warning about the improper installation of "approximately 1,500 anchor bolts ... that support the stadium's grandstands". The reporter reveals that the team of Arizona Diamondbacks has "kept the information hidden from the Maricopa County Stadium District, which owns the facility, for more than two months." The public also has also been unaware of the potential danger to "the millions of fans who enter [the stadium] each year."
  • The Investigation of First USA

    WFAA-TV reports about "gross corporate dishonesty, a federal investigation, the abrupt resignation of 3 CEOs from two of the largest financial institutions in America, and perhaps billions of dollars wrongly taken from millions of credit-card consumers... At one time, First USA bragged it was the largest credit-card company in the United States with nearly 70 million customers.... Last year, industry analysts estimated one-third of First USA's annual revenue came from the penalties and interest rate hikes it assessed against customers - an amount totalling nearly $20 billion...."