Banc One Corp.'s ambitious investment-products program remains on track despite a series of defections from its management ranks this summer, says chairman John B. McCoy.

In an interview last week, Mr. McCoy said the departures of retail investments chief Paul F. Walsh and several other top executives made it necessary to revamp the trust, investment, and insurance businesses.

"We had to restructure because we did not have another Paul Walsh," Mr. McCoy said. The overhaul, in which Mr. Walsh's former responsibilities were split among several executives, was announced last Wednesday.

Despite the setback, Mr. McCoy said, he continues to see mutual funds and other investment services as a key part of the Columbus, Ohio-based banking company's retail strategy.

"We believe these businesses have the ability to grow in excess of normal banking business, which grows about 12%," Mr. McCoy said.

Although much depends on. what happens with the mutual fund business next year, "given a decent market, growth could be 20% to 25%," he predicted.

Banc One, an $84.5 billion banking company that is widely considered an innovator in retail financial services, has moved aggressively into mutual funds, insurance, and brokerage services in recent years.

Banc One markets these offerings through 600 personal investment centers that it has set up in bank branches since late 1992. The "Pics," as they are known, have been successful enough that plans are under way to boost the number to 1,000 by the end of 1995.

Mr. Walsh joined Banc One in 1990 to lead the effort. He resigned last month, citing disagreements with Mr. McCoy over "philosophy and strategy."

His departure, and a spate of exits that preceded it in June, has prompted some analysts to question the future of the Banc One's aggressive push to sell investment products.

"The expectations that came in with Paul Walsh just have not happened," said Nancy Bush, a bank analyst with Brown Brothers Harriman & Co.

But Mr. McCoy said he is basically satisfied with Banc One's progress, though he said some fine-tuning is still needed.

"From day one we've been tweaking, and we will continue to tweak," be said.

For instance, he said, Banc One has stuck with the basic structure of its personal investment centers, which are tailored to different types of customers depending on the traits of the communities where they are located.

"The overall concept of Pics works very well, so that will be the form going forward," Mr. McCoy said.

More effort will be put into cross-selling products and teaching customers about mutual funds and annuities, he said.

He wants to boost the assets in Banc One's proprietary mutual funds to $10 billion by yearend. Known as the One Funds, they now have $8.2 billion under management.

With the appointment of a new executive team, Mr. McCoy said, the next step is to "sell, sell, sell."

The key staff changes included:

* Paul F. Goblet was named chief executive of Banc One Securities Corp., the company's retail brokerage unit. He had been managing director of business development for Banc One Capital Corp.

Mr. Goblet replaced Robert Flowers, who resigned in June. Mr. Flowers, who had reported to Mr. Walsh, last week moved to BankAmerica Corp. as head of its retail brokerage, BA Investment Services.

* Charles W. Sulerzyski was elevated to chief executive of Banc One Trust Group. He had been in charge of retail investor services since a management reshuffling in April.

* Ronald D. Brooks, president of Banc One Capital Corp., was named chief executive.

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