Although Banc One Corp. is talking to a variety of Wall Street firms about offering their investment products, the company has no plan to put employees from those firms in its branches.
Clarifying a report in Thursday's American Banker, spokesman John Russell said Banc One was not currently seeking to establish a joint venture like the one recently announced by NationsBank Corp. and Dean Witter Reynolds Inc.
No Option Foreclosed
Still, Banc One is not closing off any option. Mr. Russell said Thursday that the company was watching the NationsBankDean Witter arrangement with interest and might later consider such an alliance.
However, Mr. Russell said on Thursday his comments earlier in the week were misconstrued to suggest that Banc One, like NationsBank, planned to put a Wall Street firm's employees into its branches to sell mutual funds, brokerage services, and insurance.
Mr. Russell said he had been referring to continuing talks that Banc One holds with brokerage firms about a variety of topics. These could range from the possibility of selling a firm's mutual funds to using a company's proprietary processing system.
The Columbus, Ohio-based banking company does plan to press ahead with setting up personal investment centers throughout its branch system. Mr. Russell said Thursday.
That plan calls for Banc Once to use its own employees to sell brokerage services, mutual funds, and insurance.
In the past 12 months, the company has tested such centers in Dallas and Dayton, Ohio. Banc One now has 125 people licensed to sell investment products or insurance.