No one was deceiving anybody when Richard J. Srednicki accepted AT&T's challenge to restore some glory to its languishing credit card subsidiary.

Neither he nor company president John R. Walter, who last Dec. 16 excitedly announced Mr. Srednicki's recruitment from Citicorp, had an inkling of what 1997 had in store for them both.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.