Bank One has converted its deposit account and related systems in Arizona and Utah onto a single common platform operating across the entire organisation.
The bank conducted its first major conversion in Texas and Louisiana in July. In total, the conversions brought onto Bank One's common platform 3.6 million deposit accounts with balances totaling more than $46 billion and 200,000 loans with outstandings in excess of $15 billion, as well as nearly 600 banking centres and 1140 ATMs.
"These conversions to a common technology platform are one of the most important undertakings at Bank One," says Jamie Dimon, Bank One CEO. He estimates the company will save more than $200 million in annual expense once the transition is complete.
The final two conversions are expected to be complete around the end of next year, at which point the company will be operating on a single upgraded set of common systems.