Observers speculate on Bank One sale/merger.(Brief Article)

The Citibank Towers in Kenwood?

It's a long shot, but some industry watchers say the troubles at Bank One Corp. may yet lead to a outright sale of the company. Problems at its credit card division and consumer lending operations have spawned a cottage industry of speculation, some of it stirred by a Nov. 16 research report by Sanford A. Bernstein analyst Ron Mandle, which named Citigroup is a potential buyer.

Mandle said the chances are less than one in three, but did say that the deal would unite two dominant credit card issuers and create a near-national …