Bank One Corp. paid John B. McCoy a lump sum of $10.3 million when he stepped down as chairman and chief executive officer at the end of last year.

The disclosure was made Friday in the Chicago banking company's annual report filed with the Securities and Exchange Commission. Bank One also said a previously announced restructuring resulted in the elimination of 5,100 jobs, or 5.5% of its work force.

Bank One has been sorely battered by a string of profit warnings that came as the result of customer service problems and rising costs in its Wilmington, Del.-based First USA Inc. credit card operation.

The problems at First USA forced Bank One to slash quarterly profit targets. In January it announced a restructuring aimed at cutting costs. The job cuts, many of which have already taken place, fell heaviest upon First USA, but positions were also eliminated in consumer finance and administrative areas, the company said. For the fourth quarter, restructuring charges totaled $209 million, most of which went to severance.

But Bank One has said it expects weakened results this year. Last week executives told analysts at a meeting in New York that writedowns of some asset securitizations would lower profits by 3 cents to 4 cents a share for the first quarter. Earlier in the month Bank One had advised analysts to expect first-quarter earnings more in line with the lower end of a forecasted range of 60 cents to 70 cents a share.

Mr. McCoy is to begin receiving an annual pension of $3 million in April 2001, according to Friday's filing. He also agreed to an 18-month clause that bars him from working for another financial services company and an 18-month prohibition on soliciting Bank One employees to work for him.

He resigned just before Christmas under intense pressure from Wall Street and his own employees, ending his family's 64-year reign at the banking company and its predecessors.

Verne G. Istock, who was Bank One's president, took over as interim chief executive while the company's board conducted a search for a successor to Mr. McCoy. Mr. Istock was chief executive officer of First Chicago NBD Corp., which merged with Bank One in 1998.

John R. Hall, nonexecutive chairman of Bank One who is heading the search effort, said in recent weeks that the company has narrowed its list of candidates and expects to name a CEO by a board meeting scheduled for mid-May.

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