COLUMBUS, Ohio -- When John B. McCoy recently was asked why the stock of Banc One Corp. has lost some of its luster this year, he quickly fingered the company's heavy use of financial derivatives as one possible culprit.

Speaking at a Cleveland investor conference held by McDonald & Co., Banc One's chairman and chief executive acknowledged an outpouring of concern about the company's $31 billion in off-balance-sheet activities.

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