In a new blow to its credibility on Wall Street, Bank One Corp. again guided analysts to reduce their expectations for first-quarter earnings, prompting still more questions about the company's ability to repair its First USA credit card operation.

The warning, which came in the form of a recorded telephone call by chief financial officer Robert Rosholt on Friday, counseled Wall Street analysts to bring first-quarter estimates to the low end of a range that Bank One laid out in January.

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