Bank One Corp. will not make big bank acquisitions just to get deals done before merger accounting rules change, chief executive officer John B. McCoy said Tuesday.
Mr. McCoy, speaking after his company's annual meeting here, repeated a pledge that he would not do any large bank deals before April 2000-18 months after the close of Bank One's acquisition of First Chicago NBD Corp.
Analysts have speculated there may be a flurry of deals as companies merge before the Financial Accounting Standards Board eliminates pooling- of-interest deals, possibly by 2000.
Mr. McCoy also reiterated that he might not have to do any more deals because Bank One may be able to attract enough new customers using the Internet.
The company is adding 15,000 customers a month through its Internet site, Mr. McCoy said. It expects to gain one million credit card accounts through the Internet this year.