The head of Banc One Corp.'s investment products business makes no bones about the miscalculations the company has made in its efforts to sell mutual funds.

"There was this arrogance that we could throw all these personal investment centers up in a year and right away compete head to head with Dean Witter and the like," said David R. Meuse, chief executive of Banc One Capital Holdings Corp. "It just doesn't happen that way."

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