CHICAGO - James Dimon, chief executive officer of Bank One Corp., said Thursday that the company anticipates $200 million of charges during the second half of the year as it accelerates an expense-reduction program.
Speaking to analysts and investors in New York, Mr. Dimon said his Chicago banking company aims to reduce overhead to $9 billion by the yearend. Costs at the end of June were $9.2 billion, down from $10.5 billion the year before. The company has cut 8,000 jobs in the last year.
Bank One is also close to completing the renegotiation of its agreement to buy Wachovia Corp.'s consumer credit card portfolio. The deal would add $100 million of after-tax earnings next year, he said.