Banc One is another company that was hamstrung by its relationships with employees - in particular, its managers.
Growing from humble beginnings, Banc One become the most profitable U.S. bank in the early1990s, with a market capitalization that topped that of American Express and J.P. Morgan.
Its formula for success was to acquire healthy local banks, retain their incumbent managers, and grant those managers considerable autonomy in running their businesses.
These “uncommon partnerships,” as Banc one dubbed the relationships, motivated the managers to act as entrepreneurs and respond to local market conditions.