CHICAGO Another bank deal is not out of the question for Chicago-based Bank One Corp., said chief executive officer James Dimon on Wednesday.
There is no question bank acquisitions do make sense, Mr. Dimon said. We will never say never.
However, the key in a deal is having an efficient company that is ready to take on the responsibilities of integrating a new company, Mr. Dimon said, speaking to investors at a conference in California. Acquisitions are very hard, he said. You have to be running well. The army has to be functioning well to meet that challenge.
Bank One recently announced plans to buy the credit card portfolio of Wachovia Corp. And though there are no plans for a bank deal just yet, Mr. Dimon said, we think we should have some growth.
But any acquisition that Bank One considers would have to increase the companys earnings per share, where Mr. Dimon is looking for growth of 5% to 12%, taking into account market volatility.