Bank One Corp. spent $1.2 billion in the third quarter, bolstering its badly sagging stock and accounting for more than one-fifth of total stock buybacks by the nation's 25 largest banks.

During the period, Bank One's shares fell more than 38% after it said it would not meet earnings projections. The statistics, compiled by Keefe, Bruyette & Woods Inc., do not include any activity in the fourth quarter, when Bank One again stunned the market with bad news about its earnings, causing its stock to sink further. Bank One and three others - Bank of America Corp., Bank of New York and Chase Manhattan Corp. - accounted for more than two-thirds of bank stocks repurchased, in terms of dollars.

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