US Banker articles from October 2005

US Banker archives from October 2005

Talent Tinkering: Banks Prep For Next Battle: John Stumpf. Ajay Banga. Steven Freiberg. Deanna Oppenheimer. Michael Amatto. Terri Dial. Richard Anthony. Alvaro de Molina. What do they have in common? They're the face of banking's future.
October 1, 2005... The recent spate of reorganizations and promotions at major banks is a telling indicator of stiffening competition and ambitious, if not expansive, agendas. Citigroup, Wells Fargo, Bank of America, Synovus, Washington Mutual, Barclays and...

Management Shakeup: As Magner Breaks Rank, Analysts Size Up Deputies: Observers concede the loss of an outperformer.(Marjorie Magner quits Citigroup Inc.)
October 1, 2005... The past 12 months at citigroup has been anything but predictable. Marjorie Magner, chairman and CEO of Citi's Global Consumer Group, made things that much more interesting in late August when she abruptly announced she would step down October...

Scene and Heard.
October 1, 2005... "If you're supposed to know us so well, why do you take so long?" Joel pruiss, credit-quality manager at Baker Hill Advisory Services, on the deliberate, yet painfully long decision-making process of many community banks. (c) 2005...

Student Loans: Slashing Origination Fees Keeps Banks Competitive: Seeking a 'total relationship' with students.(markets)
October 1, 2005... Many banks are starting to cover students' origination fees for education loans. But geography will determine how far three percent gets them. To better compete in the highly competitive market, more banks have begun paying the federal...

Hits and Has-Beens.(appointments at financial services)(Brief Article)
October 1, 2005... Deanna Oppenheimer has been appointed COO of Barclays UK and will assume the post this month. She left Washington Mutual, where she was president of its banking and financial services group, in March after 20 years. Alvaro G. de Molina,...

Fresh Ink.(mergers and acquisitions)(Brief Article)
October 1, 2005... 1. Sun Bancorp plans to acquire Advantage Bank in a cash-and-stock deal worth $37 million. The deal, which will add $166 million in assets to Sun, will enable it to grow more effectively into a contiguous New Jersey market, say officials. Sun...

Arab Bank's $24 Million Lesson: Your Clients' Clients are Yours, Too.(Bank Secrecy Act of 1970)
October 1, 2005... The New York branch of Arab Bank has agreed to pay a $24 million fine for its systemic failure to follow Bank Secrecy Act anti-money-laundering rules, as sought by the Financial Crimes Enforcement Network and the Office of the Comptroller of...

Noted and Noteworthy.(Jordan Romero)(Brief Article)
October 1, 2005... Many kids want to become big-league ballplayers or firemen when they grow up, but not Louisiana Little League catcher Jordan Romero, who wants to be a bank president. The 12-year-old's dream came true in July, when MidSouth Bank in Lafayette,...

Community Banks Press IRS Change: De novo and startup banks are eager to consider LLC status. But to be truly worthwhile, an IRS rule change is needed to make the switch more tax advantageous. So what's the holdup?(Internal Revenue Service, taxation)
October 1, 2005... All eyes are on the Internal Revenue Service this fall as its Office of Tax Policy responds to intensifying pressure from lawmakers, lawyers and community banks to modify the IRS code to give a tax break to state-chartered institutions that...

ROI Measurement: A Crystal Ball For IT Success: IT executives mention ROI frequently when pondering new initiatives. But going beyond a "money in/money out" metric is fundamental to measuring success.(return on investment)
October 1, 2005... As Wachovia Mortgage Group's director of operations, Tom Wood watched the refinance boom gather steam in recent years and wondered whether the bank was doing all it could to capitalize on it. "We believe we lost a lot of opportunities," he...

Mortgages: National Mercantile Launches Private-Label Product: The bank grew tired of referring clients to other banks, so it partnered with MoneyLine to open its own home-loan operation. Smart move.(National Mercantile Bancorp.)
October 1, 2005... It can be expensive and cumbersome to start a mortgage-lending operation, even for established financial institutions with deep customer relationships in other lines of business. But for National Mercantile Bank, the lure of making mortgages to...

Passing Along Goodwill Can Offer Good Value: Though difficult to measure, sponsorship of community events may offer a bigger windfall in goodwill for small banks. And that often translates into more business.
October 1, 2005... Banks looking for inspiration for their marketing strategies may consider visiting Sapulpa, OK, on the 4th of July. Between 10,000 and 15,000 people turn out for its Independence Day festivities, which include face painting, food stands and...

AD Beat: AmSouth Playfully Spotlights Human Foibles: The cash-back campaign uses the human touch to follow customers dealing with everyday problems in everyday ways. Retailers are clamoring to sign on.
October 1, 2005... When Atlanta-based Austin Kelly Advertising, AmSouth's main advertising agency, went to work on a campaign for the bank's new cash-back program, it decided to present a range of purchasing possibilities-with a loving dose of human imperfection....

360-degree Performance.
October 1, 2005... John Quincy Adams knew something about leadership, and was fond of saying, "If your actions inspire others to dream more, learn more, do more and become more, you are a leader." The truth of this aphorism is evidenced by 5,070 women considered...

Circle of Influence: When it comes to influence, perhaps nowhere is it more profound than in the relationships that inspire it. Women executives, cognizant of those who shaped their hopes and dreams, are passing on their wisdom, helping to build character and watching things come full circle.
October 1, 2005... Connie & Jennifer Lau Connie Lau's best performance may be one lived vicariously, watching her 18-year-old daughter, Jennifer, a sophomore at Wellesley College, play midfield on the women's soccer team. With nine goals in her freshman...

25 Most Powerful Women in Banking.(risk management)
October 1, 2005... No. 1 Amy Brinkley Global Risk Executive, Bank of America, Charlotte, NC Years in banking: 27 // Rank last year: #3 MPWIB Ken Lewis, the CEO of Bank of America, has clearly put risk management at the forefront of his concerns....

Venture Catalysts: Whether it's turning around a business, starting a new bank or bridging the business and technology worlds for the sake of innovation, these 25 women are frontrunners in the field.
October 1, 2005... No. 1 Barbara Desoer Global technology, service and fulfillment executive Bank of America, Charlotte, NC Years in banking: 28 Rank last year: #19 MPWIB When Barbara Desoer was named global technology, service &...

Washington's Power Brokers: Some are in public. Some are behind the scenes. Women in the banking industry are wielding influence from every corner of the capital. And they're not afraid to make noise.
October 1, 2005... Ask any Beltway insider what oils the innards of the capital city and the answer won't have a thing to do with the greenback. Of course, money helps oil the wheels of progress more efficiently, but it can never surpass the premier power of the...

The Most Powerful Women in Washington.(Brief Article)
October 1, 2005... Name/Position Susan Schmidt Bies member of the Board of Governors of the Federal Reserve Kathy Casey staff director of the Senate Banking Committee Elizabeth Dole U.S. senator from North Carolina who is a member of the...

Hanmi Bank Tries to Shed Its Cramped Shell: The nation's largest Korean-American bank is eagerly seeking suitors-or acquisition targets-to help it grow past its community-bank rivals. Raise your hand-or get out of the way.(Sohn Won Sung)
October 1, 2005... Sohn Won Sung doesn't have anything against community banks. He just doesn't want to head one anymore. The president and CEO of $3.2 billion-asset Hanmi Bank, the largest of the 14 Korean-American banks in the U.S., is determined to grow...

As Mortgage Fraud Rises, Brokers are Part of the Problem: Mortgage fraud cases are increasing. Even worse, the type of fraud is shifting from fudged application numbers to more elaborate ripoffs that stick the financial institution with the bill.
October 1, 2005... While cyber security breaches grab the headlines, mortgage fraud continues to increase outside the spotlight. And it's doing so in a decidedly non-glitzy way-usually by someone blatantly lying on an application. The FBI said in a recent...

U.S. Banker Advertising Contacts.(Brief Article)
October 1, 2005... GROUP PUBLISHER David Cleworth 27700 Pine Point Drive Wesley Chapel, FL 33543 Tel: 813.929.6907 Fax: 813.929.6908 Outside the U.S. Please contact the Publisher U.S. BANKER AACCOUNT REPRESENTAIVES ...

Deals? Lots of Cash Is Still Sloshing Around.: Financial firms are among the biggest and busiest buyers in the red-hot M&A market. More than half of the nearly $300 billion worth of deals announced in the second quarter will be paid for in cash.(markets)
October 1, 2005... Over a year ago, cash balances in the financial sector were rising faster than those in corporate coffers. That foreshadowed a surge in mergers and acquisitions, which came true in spades. While the total volume of announced M&A deals rose only...

Software Development Outsourcing Can Be Dangerous.(banking system)
October 1, 2005... Imagine an average day in the life of the U.S. banking system: customers coming and going, deposits and withdrawals being made, payments being processed. All of a sudden, a software crash brings everything to a screeching halt. Two hours...