---




SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





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FORM 10-K





Annual Report Pursuant to Section 13 or 15(d) of


the Securities Exchange Act of 1934


For the fiscal year ended December 31, 2001
Commission file number 001-15323





BANK ONE CORPORATION


(Exact name of registrant as specified in its charter)





---




Delaware

31-0738296(State or other jurisdiction of

(I.R.S. Employerincorporation or organization)

Identification No.)





1 Bank One Plaza, Chicago, Illinois 60670


(Address of principal executive offices including zip code)


Registrants telephone number, including area code: (312) 732-4000





Securities registered pursuant to Section 12(b) of the Act:





Title of Each Class

Name of Each Exchange on which RegisteredCommon Stock, $0.01 par value

New York Stock ExchangeChicago Stock Exchange7 1/4% Subordinated Debentures Due 2004

New York Stock Exchange8.10% Subordinated Notes Due 2002

New York Stock ExchangeGuarantee of 8.00% Preferred Securities of BANK ONE Capital I

New York Stock ExchangeGuarantee of 8.50% Preferred Securities of BANK ONE Capital II

New York Stock ExchangeGuarantee of 8.00% Preferred Securities of BANK ONE Capital V

New York Stock ExchangeGuarantee of 7.20% Preferred Securities of BANK ONE Capital VI

New York Stock Exchange





Securities registered pursuant to Section 12(g) of the Act:None.





Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes [ü] No
[    ]





Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is
not contained herein, and will not be contained, to the best of the registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
[    ]





The aggregate market value of voting stock held by nonaffiliates of the Corporation at December 31,
2001, was approximately $39 billion (based on the average price of such stock on February 21, 2002). At December 31, 2001, the Corporation had 1,166,966,431 shares of its Common Stock, $0.01 par value, outstanding.





DOCUMENTS INCORPORATED BY REFERENCE





Portions of the
registrants 2001 Annual Report to Stockholders are incorporated by reference into Parts I, II and IV. Portions of the registrants Proxy Statement relating to the registrants 2002 Annual Meeting of Stockholders are incorporated by
reference into Part III.





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BANK ONE CORPORATION


2001 ANNUAL REPORT ON FORM 10-K





Cross Reference

PageAnnual Report*

Form 10-KPART IItem 1.

BusinessDescription of Business

25

1Business Segments

26-42Employees



1Competition



1Risk Management

47Monetary Policy and Economic Controls



1Supervision and Regulation



2-4Forward Looking Statements

69

4-5Financial Review

23-101Item 2.

Properties



4Item 3.

Legal Proceedings

95Item 4.

Submission of Matters to a Vote of Security Holders

NoneExecutive Officers of the Registrant



10PART IIItem 5.

Market for Registrants Common Equity and Related Stockholder Matters

98-99, 101Item 6.

Selected Financial Data

24, 101Item 7.

Managements Discussion and Analysis of Financial Condition and Results of Operations

24-69Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

48-50Item 8.

Financial Statements and Supplementary Data

70-101

6-8Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

(1)PART IIIItem 10.

Directors and Executive Officers of the Registrant

(2)Item 11.

Executive Compensation

(2)Item 12.

Security Ownership of Certain Beneficial Owners and Management

(2)Item 13.

Certain Relationships and Related Transactions

(2)PART IVItem 14.

Exhibits, Financial Statement Schedules and Reports on Form 8-K

70-73

11-13


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|* |  | The 2001 Annual Report to Stockholders, portions of which are incorporated by reference into this Form 10-K (the portions so incorporated being indicated by the pages referred
to in this table).
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(1) |  | The consolidated balance sheet for the year ended December 31, 2001 and the related consolidated statements of income, stockholders equity and cash flows for the year
then ended were audited by KPMG LLP, whose report is included in the 2001 Annual Report to Stockholders. The consolidated balance sheet as of December 31, 2000 and the related consolidated statements of income, stockholders equity and cash
flows for each of the years in the two-year period ended December 31, 2000 were audited by Arthur Andersen LLP, whose report is included on page 9 of this Form 10-K. The change in accountants was previously disclosed in Bank Ones Annual Report
on Form 10-K for the year ended December 31, 2000.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) |  | The information required by Items 10, 11, 12 and 13, respectively, is contained under the following headings in Bank Ones definitive proxy statement dated March 1,
2002 and is expressly incorporated herein by reference:                                                        
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  | Item 10Proposal 1Election of DirectorsDirectors and Nominees and Section 16(a) Beneficial Ownership Reporting
Compliance.                                                                                                                                                 
|    |  | Item 11Compensation of Executive Officers, Director Meeting Attendance and Fee Arrangements, and Transactions
with Directors, Executive Officers, Stockholders and AssociatesOrganization, Compensation and Nominating Committee Interlocks and Insider Participation.
|    |  | Item 12Beneficial Ownership of Bank Ones Common Stock.                                                                                                                                                                                                                        
|    |  | Item 13 Transactions with Directors, Executive Officers, Stockholders and Associates.                                                                                                                                                                                          



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DESCRIPTION OF BUSINESS





BANK ONE
CORPORATION (Bank One or the Corporation) is a multibank bank holding company registered under the Bank Holding Company Act of 1956 (the BHC Act), and is headquartered in Chicago, Illinois. Bank One became a
financial holding company (FHC) under the Gramm-Leach-Bliley Act of 1999 (the GLB Act) in August 2001. Bank One was incorporated in Delaware on April 9, 1998, to effect the merger (the Merger) of Banc One
Corporation and First Chicago NBD Corporation. The Merger became effective on October 2, 1998.





Bank One provides domestic
retail banking, finance and credit card services; worldwide commercial banking services; and trust and investment management services. Bank One operates banking offices in Arizona, Colorado, Florida, Illinois, Indiana, Kentucky, Louisiana, Michigan,
Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin and in certain international markets. Bank One also engages in other businesses related to banking and finance, including credit card and merchant processing, consumer and education finance,
real estate-secured lending and servicing, insurance, venture capital, investment and merchant banking, trust, brokerage, investment management, leasing, community development and data processing. These activities are conducted through bank
subsidiaries (collectively, the Banks) and nonbank subsidiaries. Prior to 2001, the Banks were operated under separate national or state charters in the 14 states in which the banking offices are located. In 2001, the Arizona, Florida,
Louisiana, Utah and Texas Banks were consolidated into Bank One, National Association, headquartered in Chicago, Illinois. Further consolidations are contemplated for 2002.





EMPLOYEES





As of December 31, 2001, Bank One
and its subsidiaries had 73,519 full time and part time employees with benefits. This figure does not include employees on long-term disability or employees of unconsolidated subsidiaries.





COMPETITION





Bank One and its subsidiaries
face active competition in all of their principal activities, not only from other financial holding companies and commercial banks, but also from savings and loan associations, credit unions, finance companies, mortgage companies, leasing companies,
insurance companies, mutual funds, securities brokers and dealers, other domestic and foreign financial institutions, and various nonfinancial institutions.





MONETARY POLICY AND ECONOMIC CONTROLS





The
earnings of the Banks, and therefore the earnings of Bank One, are affected by the policies of regulatory authorities, including the Board of Governors of the Federal Reserve System (the Federal Reserve Board). An important
function of the Federal Reserve Board is to promote orderly economic growth by influencing interest rates and the supply of money and credit. Among the methods that have been used to achieve this objective are open market operations in United States
government securities, changes in the discount rate for member bank borrowings and changes in reserve requirements against bank deposits. These methods are used in varying combinations to influence overall growth and distribution of bank loans,
investments and deposits, interest rates on loans and securities, and rates paid for deposits.





The effects of the various
Federal Reserve Board policies on the future business and earnings of Bank One cannot be predicted. Other economic controls also have affected Bank Ones operations in the past. Bank One cannot predict the nature or extent of any effects that
possible future governmental controls or legislation might have on its business and earnings.




1




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SUPERVISION AND REGULATION





GENERAL





As a bank holding
company, Bank One is regulated under the BHC Act, and is subject to inspection, examination and supervision by the Federal Reserve Board.





The GLB Act eliminated many of the restrictions placed on the activities of bank holding companies that become FHCs. Bank One became a FHC in August 2001. Among other things, the GLB Act repealed certain
Glass-Steagall Act restrictions on affiliations between banks and securities firms, and amended the BHC Act to permit bank holding companies that are FHCs to engage in activities, and acquire companies engaged in activities, that are: financial in
nature (including insurance underwriting, insurance company portfolio investment, financial advisory, securities underwriting, dealing and market-making, and merchant banking activities); incidental to financial activities; or complementary to
financial activities if the Federal Reserve Board determines that they pose no substantial risk to the safety or soundness of depository institutions or the financial system in general. The GLB Act also permits national banks, under certain
circumstances, to engage through special financial subsidiaries in the financial and other incidental activities authorized for FHCs.





LIABILITY FOR BANK SUBSIDIARIES





The Federal Reserve Board
requires that a bank holding company act as a source of financial and managerial strength to each of its subsidiary banks and to maintain resources adequate to support each subsidiary bank. In addition, the National Bank Act permits the Office of
the Comptroller of the Currency (OCC) to order the pro rata assessment of shareholders of a national bank whose capital has become impaired. If a shareholder fails to pay such an assessment, the OCC can order the sale of the
shareholders stock to cover the deficiency. In the event of a bank holding companys bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain the capital of a subsidiary bank would be assumed
by the bankruptcy trustee and entitled to priority of payment.





Under the Federal Deposit Insurance Act, the Federal Deposit
Insurance Corporation (FDIC) can hold any FDIC-insured depository institution liable for any loss the FDIC incurs, or reasonably expects to incur, in connection with (1) the default of any commonly controlled FDIC-insured depository
institution or (2) any assistance provided by the FDIC to any commonly controlled depository institution that is in danger of default. Default is defined generally as the appointment of a conservator or receiver and
in danger of default is defined generally as the existence of certain conditions indicating that a default is likely to occur absent regulatory assistance. All of the Banks are FDIC-insured depository
institutions.





CAPITAL REQUIREMENTS





Bank One is subject to capital requirements and guidelines imposed on bank holding companies by the Federal Reserve Board. The OCC, the FDIC and the Federal Reserve Board impose similar
requirements on the Banks within their respective jurisdictions. These capital requirements establish higher capital standards for banks and bank holding companies that assume greater risks. For this purpose, a bank holding companys or
banks assets and certain off-balance sheet commitments are assigned to four risk categories, each weighted differently based on credit risk. Total capital, in turn, is divided into three tiers:





| | · |  | core (Tier 1) capital, which includes common equity, certain qualifying cumulative and noncumulative perpetual preferred stock and related surplus, and minority
interests in equity accounts of consolidated subsidiaries;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2




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| | · |  | supplementary (Tier 2) capital, which includes perpetual preferred stock and related surplus not meeting the Tier 1 definition, hybrid capital instruments,
perpetual debt and mandatory convertible securities, subordinated debt, intermediate-term preferred stock, and allowances for loan and lease losses; and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------




| | · |  | market risk (Tier 3) capital, which includes qualifying unsecured subordinated debt.
| | - |  | --------------------------------------------------------------------------------------




Goodwill, certain intangible assets, and certain other assets must be deducted in calculating the sum of the core capital elements.





Bank One, like other bank holding companies, is required to maintain Tier 1 and total capital equal to at least 4% and 8%, respectively, of its total risk-weighted assets. At
December 31, 2001, Bank One met both requirements, with Tier 1 and total capital equal to 8.6% and 12.2%, respectively, of its total risk-weighted assets. Each of the Banks was in compliance with its applicable minimum capital requirement at
December 31, 2001.





The Federal Reserve Board, the FDIC and the OCC have incorporated market and interest rate risk components
into their risk-based capital standards. Under these market risk requirements, capital is allocated to support the amount of market risk related to a financial institutions ongoing trading activities.





The Federal Reserve Board also requires a minimum leverage ratio (Tier 1 capital to adjusted average assets) of 3% for bank holding
companies that have the highest regulatory rating or have implemented the risk-based capital measures for market risk, or 4% for holding companies that do not meet either of these requirements. Each of the Banks is subject to similar requirements
adopted by the applicable federal regulatory agency. At December 31, 2001, Bank Ones leverage ratio was 8.2%, and each of the Banks was in compliance with its applicable leverage ratio requirement.





While the federal banking regulators may set capital requirements higher than the minimums noted above if circumstances warrant it, no federal banking
regulator has imposed any such special capital requirement on Bank One or the Banks.





Failure to meet capital requirements could
subject a bank to a variety of enforcement remedies, including the termination of deposit insurance by the FDIC, and to certain restrictions on its business, which are described below.





The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), among other things, identifies five capital categories (from well capitalized to
critically undercapitalized) for insured depository institutions, and requires the respective federal bank regulatory agencies to take prompt corrective action for insured depository institutions that do not meet minimum
capital requirements within these categories.





Failure to meet the capital guidelines could subject a depository institution to
capital-raising requirements. An undercapitalized depository institution must develop a capital restoration plan, and its parent holding company must guarantee the banks compliance with the plan. In the event of the bankruptcy of
the parent holding company, this guarantee would take priority over the parents general unsecured creditors. In addition, FDICIA requires the federal bank regulatory agencies to prescribe certain non-capital standards for safety and soundness
relating generally to operations and management, asset quality and executive compensation, and it permits regulatory action against a financial institution that does not meet these standards.





As of December 31, 2001, each Bank was well capitalized. It should be noted, however, that a Banks capital category is determined solely for the purpose of
applying the federal banking agencies prompt corrective action regulations; the capital category may not constitute an accurate representation of a Banks overall financial condition or prospects.




3




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THE BANKS





Most of the Banks are national banking associations and, as such, are subject to regulation primarily by the OCC and, secondarily, by the FDIC and the Federal Reserve Board. Bank
Ones state-chartered Banks are subject to regulation by the Federal Reserve Board, the FDIC and their respective state banking departments. The Banks operations in other countries are subject to various restrictions imposed by the laws
of those countries.





Various federal and state laws limit the amount of dividends the Banks can pay to Bank One without
regulatory approval. In addition, federal bank regulatory agencies have authority to prohibit the Banks from engaging in unsafe or unsound practices in conducting their business. The payment of dividends, depending upon the financial condition of
the bank in question, could be deemed to constitute an unsafe or unsound practice.





DEPOSITOR PREFERENCE
STATUTE





Federal law provides that deposits and certain claims for administrative expenses and employee
compensation against an insured depository institution are afforded a priority over other general unsecured claims against such institution, including federal funds and letters of credit, in the liquidation or other resolution of the institution by
any receiver.





OTHER





Bank Ones nonbank subsidiaries and banking-related business units are subject to regulation by various state and federal regulatory agencies and self-regulatory organizations. Activities subject to such
regulation include investment management, investment advisory services, commodities and securities brokerage, insurance services and products, and securities dealing.





PROPERTIES





Bank Ones headquarters are in Chicago, Illinois. The 60-story building,
located in the center of the Chicago Loop business district, is master-leased and has 1,750,000 square feet of space, of which Bank One occupies approximately 57%; the balance is subleased to other tenants. Bank One and its
subsidiaries occupy more than 2,800 owned or leased domestic properties, including banking centers, operations facilities and commercial banking offices. In addition, Bank One has foreign offices in major cities in Canada, Mexico, Europe, Asia and
Australia. These offices all are located in leased premises.





FORWARD-LOOKING STATEMENTS





This Annual Report on Form 10-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Bank One may make or
approve certain statements in future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by or with Bank Ones approval that are not statements of historical fact and may constitute
forward-looking statements. Forward-looking statements may relate to, without limitation, Bank Ones financial condition, results of operations, plans, objectives, future performance or business.





Words such as believes, anticipates, expects, intends, plans, estimates,
targeted and similar expressions are intended to identify forward-looking statements but are not the only means to identify these statements.




4




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Forward-looking statements involve risks and uncertainties. Actual conditions, events or
results may differ materially from those contemplated by a forward-looking statement. Factors that could cause this difference  many of which are beyond Bank Ones control  include the following, without limitation:





| | · |  | Local, regional and international business, political or economic conditions may differ from those expected.
| | - |  | ------------------------------------------------------------------------------------------------------------




| | · |  | The effects of and changes in trade, monetary and fiscal policies and laws, including the Federal Reserve Boards interest rate policies, may adversely affect Bank
Ones business.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------




| | · |  | The timely development and acceptance of new products and services may be different than anticipated.
| | - |  | -----------------------------------------------------------------------------------------------------




| | · |  | Technological changes instituted by Bank One and by persons who may affect Bank Ones business may be more difficult to accomplish or more expensive than anticipated or
may have unforeseen consequences.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------




| | · |  | Acquisitions and integration of acquired businesses may be more difficult or expensive than expected.
| | - |  | -----------------------------------------------------------------------------------------------------




| | · |  | The ability to increase market share and control expenses may be more difficult than anticipated.
| | - |  | -------------------------------------------------------------------------------------------------




| | · |  | Competitive pressures among financial services companies may increase significantly.
| | - |  | ------------------------------------------------------------------------------------




| | · |  | Changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) may adversely affect Bank One or its business.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------




| | · |  | Changes in accounting policies and practices, as may be adopted by regulatory agencies and the Financial Accounting Standards Board, may affect expected financial reporting.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------




| | · |  | The costs, effects and outcomes of litigation may adversely affect Bank One or its business.
| | - |  | --------------------------------------------------------------------------------------------




| | · |  | Bank One may not manage the risks involved in the foregoing as well as anticipated.
| | - |  | -----------------------------------------------------------------------------------




Forward-looking statements speak only as of the date they are made. Bank One undertakes no obligation to update any forward-looking statement to reflect subsequent circumstances or
events.




5




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Average Balances/Net Interest Margin/Rates





BANK ONE
CORPORATION and Subsidiaries





Year Ended December 312001


2000(Income and rates on tax-equivalent basis)

Average Balance


Interest

Average Rate


Average Balance


Interest

Average Rate(Dollars in millions)AssetsShort-term investments

$
13,608


$
563

4.14
%

$
16,941


$
1,080

6.38
%Trading assets


6,615



309

4.67



6,937



439

6.33Investment securities: (1)U.S. government and federal agencies


21,091



1,200

5.69



14,406



958

6.65States and political subdivisions


1,291



97

7.51



1,367



105

7.68Other (2)


28,210



1,997

7.08



29,639



2,362

7.97Total investment securities


50,592



3,294

6.51



45,412



3,425

7.54Loans (3)


167,054



13,269

7.94



171,768



15,272

8.89Total earning assets (4)


237,869


$
17,435

7.33
%


241,058


$
20,216

8.39
%Allowance for credit losses


(4,373
)








(2,860
)Other assets


34,085









33,786Total assets

$
267,581








$
271,984Liabilities and Stockholders EquityDepositsinterest-bearing:Savings

$
15,463


$
168

1.09
%

$
16,433


$
240

1.46
%Money market


52,399



1,254

2.39



47,552



1,658

3.49Time


43,792



2,573

5.88



43,555



2,646

6.08Foreign offices (5)


21,648



900

4.16



27,609



1,593

5.77Total depositsinterest-bearing


133,302



4,895

3.67



135,149



6,137

4.54Federal funds purchased and securities under repurchase agreements


16,664



633

3.80



18,961



1,142

6.02Other short-term borrowings


13,508



659

4.88



18,978



1,216

6.41Long-term debt (6)


42,786



2,479

5.79



39,395



2,747

6.97Total interest-bearing liabilities


206,260


$
8,666

4.20
%


212,483


$
11,242

5.29
%Demand deposits


28,499









27,313Other liabilities


13,093









12,616Preferred stock


158









190Common stockholders equity


19,751









19,382Total liabilities and stockholders equity

$
267,581








$
271,984Interest income/earning assets





$
17,435

7.33
%





$
20,216

8.39
%Interest expense/earning assets






8,666

3.64







11,242

4.67Net interest margin





$
8,769

3.69
%





$
8,974

3.72
%


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|(1) |  | Investment securities available for sale are based on their respective carrying values. Based on the amortized cost of investment securities available for sale, the average
balance for 2001, 2000, 1999, 1998, and 1997 would be $50.653 billion, $45.500 billion, $46.612 billion, $33.415 billion, and $26.246 billion, respectively, and the average earned rate in 2001, 2000, 1999, 1998, and 1997 would be 6.50%, 7.53%,
7.11%, 7.12%, and 6.63%, respectively.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) |  | The Corporations undivided interest in securitized credit card receivables was reclassified from loans to investment securities during 1998. Such amounts averaged $18.761
billion for 2001, $18.447 billion for 2000, $16.048 billion for 1999 and $5.798 billion for 1998.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) |  | Nonperforming loans are included in average balances used to determine rates.
|--- |  | -----------------------------------------------------------------------------

|(4) |  | Includes tax-equivalent adjustments based on federal income tax rate of 35%.
|--- |  | ----------------------------------------------------------------------------

|(5) |  | Includes international banking facilities deposit balances in domestic offices and balances of Edge Act and overseas offices.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------

|(6) |  | Includes trust preferred capital securities.
|--- |  | --------------------------------------------



6




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Year Ended December 311999


1998


1997Average Balance

Interest

Average Rate


Average Balance


Interest

Average Rate


Average Balance


Interest

Average Rate$
13,976

$
678

4.85
%

$
14,632


$
754

5.15
%

$
14,412


$
801

5.56
%6,128


332

5.42



6,203



366

5.90



5,616



331

5.8915,228


1,008

6.62



16,683



1,102

6.61



18,851



1,273

6.751,835


135

7.36



2,211



176

7.96



2,648



220

8.3129,517


2,169

7.35



14,833



1,101

7.42



4,881



246

5.0446,580


3,312

7.11



33,727



2,379

7.05



26,380



1,739

6.59156,855


13,093

8.35



154,952



14,147

9.13



155,926



14,832

9.51223,539

$
17,415

7.79
%


209,514


$
17,646

8.42
%


202,334


$
17,703

8.75
%(2,290)








(2,731
)








(2,751
)35,242








33,007









30,299$
256,491







$
239,790








$
229,882$
19,866

$
310

1.56
%

$
20,710


$
470

2.27
%

$
22,408


$
519

2.32
%44,730


1,445

3.23



39,115



1,458

3.73



34,565



1,302

3.7735,202


1,784

5.07



38,211



2,066

5.41



41,894



2,315

5.5324,157


1,112

4.60



18,489



949

5.13



16,476



855

5.19123,955


4,651

3.75



116,525



4,943

4.24



115,343



4,991

4.3319,711


935

4.74



21,685



1,090

5.03



20,430



1,073

5.2517,857


942

5.28



13,790



737

5.34



14,129



786

5.5629,367


1,745

5.94



22,089



1,407

6.37



18,945



1,234

6.51190,890

$
8,273

4.33
%


174,089


$
8,177

4.70
%


168,847


$
8,084

4.79
%31,229








33,647









31,19913,918








12,323









10,889190








223









48720,264








19,508









18,460$
256,491







$
239,790








$
229,882$
17,415

7.79
%





$
17,646

8.42
%





$
17,703

8.75
%8,273

3.70







8,177

3.90







8,084

4.00$
9,142

4.09
%





$
9,469

4.52
%





$
9,619

4.75
%




7




---




Analysis of Changes in Net Interest Income





The approximate effect on net interest income of volume and rate changes for 2001 and 2000 for the year ended December 31 follows:





2001 over 2000


2000 over 1999Year Ended December 31 (in millions)

Volume


Rate


Total


Volume


Rate


TotalIncrease (decrease) in interest income:Short-term investments

$
(138
)

$
(379
)

$
(517
)

$
189


$
213


$
402Trading assets


(15
)


(115
)


(130
)


51



56



107Investment securities:U.S. government and federal agency


380



(138
)


242



(55
)


5



(50
)States and political subdivisions


(6
)


(2
)


(8
)


(36
)


6



(30
)Other


(101
)


(264
)


(365
)


10



183



193Loans


(374
)


(1,629
)


(2,003
)


1,090



1,089



2,179Total










(2,781
)










2,801Increase (decrease) in interest expense:Deposits:Savings


(11
)


(61
)


(72
)


(50
)


(20
)


(70
)Money market


116



(520
)


(404
)


98



115



213Time


14



(87
)


(73
)


507



355



862Foreign offices


(248
)


(445
)


(693
)


199



282



481Federal funds purchased and securities under repurchase agreements


(87
)


(422
)


(509
)


(45
)


252



207Other short-term borrowings


(267
)


(290
)


(557
)


72



202



274Long-term debt


196



(464
)


(268
)


699



303



1,002Total










(2,576
)










2,969Decrease in net interest income









$
(205
)









$
(168
)





For purposes of this table, changes that are not due solely to volume or rate
changes are allocated to volume.




8




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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS





To the Stockholders and Board of Directors


of BANK ONE CORPORATION:





We have audited the accompanying consolidated balance sheet of BANK
ONE CORPORATION (a Delaware corporation) and subsidiaries as of December 31, 2000 and the related consolidated statements of income, stockholders equity and cash flows for each of the two years in the period ended December 31, 2000. These
financial statements are the responsibility of BANK ONE CORPORATIONs management. Our responsibility is to express an opinion on these financial statements based on our audits.





We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.





In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of BANK ONE
CORPORATION and subsidiaries as of December 31, 2000, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2000, in conformity with accounting principles generally accepted in the United
States.





Chicago, Illinois


January 17, 2001





| | /S/ | ARTHUR ANDERSEN LLP
| | --- | -------------------












9




---

EXECUTIVE OFFICERS OF THE REGISTRANT





Name and Age

Current Position Held with the Corporation and Effective Date First Elected to Office
IndicatedJames Dimon (45)

Director, Chairman and Chief Executive Officer (3/27/00)Austin A. Adams (58)

Executive Vice President (3/1/01)Linda Bammann (45)

Executive Vice President and Chief Risk Management Officer (5/15/01)James S. Boshart, III (56)

Executive Vice President (9/5/00)David E. Donovan (51)

Executive Vice President (6/4/01)Christine A. Edwards (49)

Executive Vice President, Chief Legal Officer and Secretary (5/16/00)Philip G. Heasley (52)

Executive Vice President (1/2/01)David J. Kundert (59)

Executive Vice President (12/15/98)Sarah L. McClelland (42)

Executive Vice President (9/4/00) and Chief Auditor (5 /15/01)Charles W. Scharf (36)

Executive Vice President and Chief Financial Officer (6/12/00)R. Michael Welborn (50)

Executive Vice President (5/16/00)





Messrs. Donovan, Kundert, and Welborn, and Ms. McClelland, each have served as an
officer of Bank One, or a subsidiary or predecessor, for more than five years. The prior business experience of the other executive officers is set forth below:





James Dimon: November 1998-March 2000private investor; October-November 1998President, Citigroup, Inc., and Chairman and Co-Chief Executive Officer of
Citigroup subsidiary Salomon Smith Barney Holdings, Inc.; November 1993-October 1998President and Chief Operating Officer, Travelers Group, as well as executive positions with Travelers subsidiaries Smith Barney, Inc. and Salomon Smith
Barney Holdings, Inc. during that period.





Austin A. Adams: 1985-February 2001Executive Vice President
of the Automation and Operations Group, First Union Corporation.





Linda Bammann: October 2000-May
2001Senior Managing Director, Banc One Capital Markets, Inc.; April 1992-June 2000Managing Director, UBS Warburg.





James S. Boshart, III: June 1998-September 2000Co-Chief Executive Officer, Schroder Salomon Smith Barney; January 1998-June 1998Head of Transition Team, Salomon Smith Barney; 1997-January 1998Vice
Chairman and Co-Head of Investment Banking, Salomon Smith Barney; 1995-1997Head of Capital Markets, Smith Barney, Inc.





Christine A. Edwards: 1999-May 2000Executive Vice President and Chief Legal Officer, ABN AMRO North America; 1997-1999Executive Vice President, Chief Legal Officer and Secretary, Morgan Stanley Dean
Witter; 1990-1997Executive Vice President, General Counsel and Secretary, Dean Witter Discover & Co.





Philip G. Heasley: July 1999-November 2000President and Chief Operating Officer, U.S. Bancorp; 1994-July 1999Vice Chairman, U.S. Bancorp.





Charles W. Scharf: 1998-June 2000Chief Financial Officer, Citigroup Global Corporate and Investment Bank; 1995-1998Chief Financial Officer, Salomon Smith
Barney, Inc.





Bank Ones executive officers serve until the annual meeting of the Board of Directors (April 16,
2002).




10




---




EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K





(a) (1) Financial Statements.





Annual Report PagesConsolidated Balance SheetsDecember 31, 2001 and 2000

70Consolidated Income StatementsThree Years Ended December 31, 2001

71Consolidated Statements of Stockholders EquityThree Years Ended December 31, 2001

72Consolidated Statements of Cash FlowsThree Years Ended December 31, 2001

73Notes to Consolidated Financial Statements

74-100








|(2) |  | Financial Statement Schedules.
|--- |  | ------------------------------




All
schedules normally required by Form 10-K are omitted, since either they are not applicable or the required information is shown in the financial statements or the notes thereto.





(3) Exhibits.





3(A).

Bank Ones Restated Certificate of Incorporation, as amended.3(B).

Bank Ones By-Laws, as amended [Exhibit 3(B) to Bank Ones 1999 Annual Report on Form 10-K (File No. 001-15323) incorporated herein by reference].4.

Instruments defining the rights of security holders, including indentures.10(A).

BANK ONE CORPORATION Stock Performance Plan.*10(B).

BANK ONE CORPORATION Director Stock Plan, as amended.*10(C).

Summary of BANK ONE CORPORATION Supplemental Executive Retirement Plan [Exhibit 10(C) to Bank Ones 2000 Annual Report on Form 10-K (File No. 001-15323) incorporated
herein by reference].*10(D).

BANK ONE CORPORATION Deferred Compensation Plan, as amended [Exhibit 10(D) to Bank Ones 2000 Annual Report on Form 10-K (File No. 001-15323) incorporated herein by
reference].*10(E).

BANK ONE CORPORATION Supplemental Savings and Investment Plan [Exhibit 10(F) to Bank Ones 1999 Annual Report on Form 10-K (File No. 001-15323) incorporated herein by
reference].*10(F).

BANK ONE CORPORATION Supplemental Personal Pension Account Plan [Exhibit 10(G) to Bank Ones 1999 Annual Report on Form 10-K (File No. 001-15323) incorporated herein by
reference].*10(G).

Summary of BANK ONE CORPORATION Key Executive Change of Control Plan.*10(H).

BANK ONE CORPORATION Executive Management Separation Plan.*10(I).

BANK ONE CORPORATION Planning Group Annual Incentive Plan.*


10(J).

BANK ONE CORPORATION Investment Option Plan [Exhibit 10(K) to Bank Ones 1999 Annual Report on Form 10-K (File No. 001-15323) incorporated herein by
reference].*10(K).

BANK ONE CORPORATION Executive Life Insurance Plan [Exhibit 10(L) to Bank Ones 1999 Annual Report on Form 10-K (File No. 001-15323) incorporated herein by
reference].*10(L).

Summary of BANK ONE CORPORATION Executive Life Plus Plan [Exhibit 10(L) to Bank Ones 2000 Annual Report on Form 10-K (File No. 001-15323) incorporated herein by
reference].*




11




---

10(M).

Summary of BANK ONE CORPORATION Director Deferred Compensation Plan [Exhibit 10(M) to Bank Ones 2000 Annual Report on Form 10-K (File No. 001-15323) incorporated
herein by reference].*10(N).

First Chicago Corporation Stock Incentive Plan, [Exhibit 10(P) to Bank Ones 1998 Annual Report on Form 10-K (File No. 333-60313) incorporated herein by
reference].*10(O).

NBD Bancorp, Inc. Performance Incentive Plan, as amended [Exhibit 10(Q) to Bank Ones 1998 Annual Report on Form 10-K (File No. 333-60313) incorporated herein by
reference].*10(P).

Revised and Restated Banc One Corporation 1989 Stock Incentive Plan [Exhibit 10.8 to Banc One Corporations 1997 Annual Report on Form 10-K (File No. 1-8552)
incorporated herein by reference].*10(Q).

Revised and Restated Banc One Corporation 1995 Stock Incentive Plan [Exhibit 10(Z) to Bank Ones 1998 Annual Report on Form 10-K (File No. 333-60313) incorporated
herein by reference].*10(R).

Agreement dated March 27, 2000, between BANK ONE CORPORATION and James Dimon [Exhibit 10(a) to Bank Ones Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 2000 (File No. 001-15323) incorporated herein by reference].*12.

Statements re computation of ratios.13.

Bank One Corporation 2001 Annual Report to Stockholders (pages 23-101).21.

Subsidiaries of the Corporation.23 (a).

Consent of KPMG LLP.23 (b).

Consent of Arthur Andersen LLP.





Stockholders may request copies of any exhibit; Bank One will charge a fee to
cover expenses to prepare and send any exhibit. Please send requests to: Bank One Corporation, Attn: Investor Relations, 1 Bank One Plaza, IL1-0738, Chicago, IL 60670-0738.





(b) Bank One filed the following Current Reports on Form 8-K during the quarter ended December 31, 2001:





Date

Item ReportedOctober 2, 2001

Announcement of the Corporations redemption of two series of its preferred stock.October 3, 2001

Announcement of September 28, 2001 sale of Preferred Securities by BANK ONE Capital VI.October 16, 2001

Announcement of third quarter 2001 earnings.


---

| |  | The total amount of securities authorized pursuant to any instrument defining the rights of holders of long-term debt of Bank One does not exceed 10% of the total assets of
Bank One and its subsidiaries on a consolidated basis. Bank One hereby agrees to furnish to the Commission upon request a copy of any such instrument.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|* |  | Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-K.
|- |  | -------------------------------------------------------------------------------------------------------------



12




---

SIGNATURES





Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, this 4th day of February,
2002.





| | BA | NK ONE CORPORATION
| | -- | ------------------

| |  | (Registrant)
| |  | ------------




| | /S/    JAMES DIMON
| | ------------------

| | By:
| | ---

| | James Dimon
| | -----------

| | Principal Executive Officer
| | ---------------------------




Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated, this 4th day of February,
2002.





/S/    JOHN H.
BRYAN John H. Bryan
Director

/S/    WILLIAM T. MCCORMICK,
JR. William T. McCormick,
Jr. Director/S/    JAMES S. CROWN James S. Crown Director

/S/    HEIDI G.
MILLER Heidi G. Miller
Director/S/    JAMES DIMON James Dimon Director

/s/    David C. Novak David C. Novak Director/S/    MAUREEN A. FAY Maureen A. Fay Director

/S/    JOHN W. ROGERS, JR. John W. Rogers, Jr. Director/S/    JOHN R. HALL John R. Hall Director

/S/    FREDERICK P. STRATTON, JR. Frederick P. Stratton, Jr. Director/S/    LABAN P. JACKSON, JR. Laban P. Jackson, Jr. Director

/S/    ROBERT D. WALTER Robert D. Walter Director/S/    JOHN W. KESSLER John W. Kessler Director

/S/    CHARLES W. SCHARF Charles W. Scharf Principal Financial Officer/S/    RICHARD A. MANOOGIAN Richard A. Manoogian Director

/S/    MELISSA J. MOORE Melissa J. Moore Principal Accounting Officer




13