Bank One Warns of Profit Shortfall

Bank One Corp., the nation’s fifth-largest bank, warned that its 1999 earnings are likely to be as much as 8% below Wall Street expectations because of slower-than-expected growth in its credit card unit. Bank One said its operating earnings per share probably would be between $3.60 and $3.65. Wall Street had been expecting 1999 profit of about $3.92 a share. Bank One, based in Chicago, said an unexpectedly high number of First USA customers were switching to other credit card issuers as they offer more attractive rates. That, in turn, has forced First USA to cut its interest rates on some new accounts and lower expectations for the second half of the year. Bank One shares fell 44 cents to close at $55.63 on the New York Stock Exchange. It issued its profit warning after U.S. markets closed.