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Bank One Corporation

Bank One Corporation[edit]

Main article: Bank One Corporation
Logo of Bank One

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman and CEO Jamie Dimon as president and COO.[41] He succeeded former CEO William B. Harrison, Jr.[42] Dimon introduced new cost-cutting strategies, and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in December 2005 and chairman in December 2006.[43] Bank One Corporation was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago NBD.[44] This merger was considered a failure until Dimon took over and reformed the new firm's practices. Dimon effected changes to make Bank One Corporation a viable merger partner for JPMorgan Chase.[45]

Bank One Corporation, formerly First Bancgroup of Ohio, was founded as a holding company for City National Bank of Columbus, Ohio, and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Banc One Corporation.[46] With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One." After the First Chicago NBD merger, adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. JPMorgan Chase completed the acquisition of Bank One in the third quarter of 2004.[46]

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