American Banker articles from February 2001

American Banker archives from February 2001

Banker of the Year: Harrison Has the Helm.
February 1, 2001... Eighteen months and a swirl of mergers later, William B. Harrison Jr. has fulfilled the destiny that long eluded his company, and not a moment too soon. Mr. Harrison, 57, took over as chairman of Chase Manhattan Corp. last January, having...

Honorable Mention: Schwab Defines Convergence Up.
February 1, 2001... In many ways it was one of year's most logical deals. Charles Schwab Corp.'s acquisition of private banking company U.S. Trust Corp. made sense to everyone who had paid attention to Schwab's efforts to reinvent itself in recent years. ...

Lifetime Achievement: John Reed Looks Back.
February 1, 2001... Since retiring from Citigroup Inc., banking legend John S. Reed has been reflecting on the essence of a successful deal. His musings may eventually fuel a best-seller - imagine "The Reed Way" - but until then he revealed his main...

Consolidator of the Year: Allison's March.
February 1, 2001... An active dealmaker for more than a decade, BB&T Corp. did not slow its pace in honor of the new millennium. Last year the Winston-Salem, N.C., banking company unveiled five bank deals, and when the ink has dried on all the documents, BB&T's...

Enthusiast of the Year: Scott Lowry Digs Dig-Sig.
February 1, 2001... J. Scott Lowry, the president and chief executive officer of Digital Signature Trust Co., says he did not know "a digital signature from a slide rule" when he started exploring the digital security market four years ago. But he proved...

Community Banker of the Year: Vernon Hill Is Watching Wal-Mart.
February 1, 2001... Vernon W. Hill has become so used to press coverage that he's now suggesting his own headlines. The chairman and chief executive officer of $7 billion-asset Commerce Bancorp has received scads of publicity for building one of the nation's...

Brawl of the Year: Congressman Baker vs. Chairman Raines.(Richard Baker, Franklin D. Raines of Fannie Mae Federal Credit Union)
February 1, 2001... To hear Franklin D. Raines, Fannie Mae's chairman and chief executive officer, when he delivered a big yearend speech in December, the previous 12 months had gone exactly as he had planned. Missing was the charged political rhetoric that...

Departures: The Goodbye Boys.(several executives retire from banking industry)(Brief Article)
February 1, 2001... John S. Reed tops a long list of big-name bankers to leave the field in recent months. "It really is true. The whole industry has retired," Mr. Reed, 61, said in an interview. Apart from Bank of America Corp.'s Hugh McColl, "everybody...

Schwab, TD Waterhouse To Buy U.K. Market Maker.(Charles Schwab Corp. and TD Waterhouse Group joined forces Wednesday to acquire a Scottish company )(Brief Article)(Statistical Data Included)
February 1, 2001... Charles Schwab Corp. and TD Waterhouse Group joined forces Wednesday to acquire a Scottish company that makes markets in British-listed equities. The two companies, which compete in the United States for retail investors, announced that...

Union of Calif. Sets India Quake Fund.(Union Bank of California)(Brief Article)
February 1, 2001... Union Bank of California, the flagship banking subsidiary of Unionbancal Corp., has set up a fund to aid victims of the earthquake in India. The fund was spearheaded by Magan Patel, the company's head of international banking, who was on...

Estate Tax Repeal a Bipartisan Effort.(Brief Article)(Statistical Data Included)
February 1, 2001... Encouraged by the presence of an ally in the White House, a bipartisan group of House lawmakers on Wednesday introduced a bill to eliminate estate taxes. The Death Tax Elimination Act of 2001, sponsored by Reps. Jennifer Dunn, R-Wash., and...

In Brief: 5 New Dems on Financial Services Panel.(Brief Article)
February 1, 2001... Democrats on Wednesday added five members to the new House Financial Services Committee, where the party holds 33 of 70 seats. Freshmen Reps. William Lacy Clay of Missouri, Steve Israel of New York, Ken Lucas of Kentucky, and Mike Ross of...

In Brief: Fed in Pair of Bank Enforcement Pacts.(Brief Article)
February 1, 2001... The Federal Reserve Board on Wednesday announced enforcement actions against Valley Independent Bank in El Centro, Calif., and New Century Bank in Southfield, Mich. Directors of $765 million-asset Valley Independent agreed to correct...

In Brief: ABA Forms Anti-Predator Education Group.(predatory lending)(Brief Article)
February 1, 2001... The American Bankers Association has formed a working group to educate bankers and local communities about combating predatory lending. The lending practices working group is to monitor state and local anti-predator legislation and...

Executive Changes.(Brief Article)
February 1, 2001... MIDDLE ATLANTIC Independence Community Bank Corp. in Brooklyn has hired Alan Fishman as its president and chief executive officer. He will assume the new roles next month and will succeed Charles J. Hamm, who will retire as president...

South African Insurer Pushing into U.S. Bank Distribution.(Sage Insurance, a subsidiary of the South African financial services company Sage Group Ltd.)(Brief Article)
February 1, 2001... If bank executives hear a knock at the door, chances are they're about to meet Stephen Duff, senior vice president of new business development at Sage Insurance Group. Sage Insurance, a subsidiary of the South African financial services...

Most Banks Failing in Insurance, Deal Adviser Says.(John Wepler, senior vice president, mergers and acquisition services at Marsh Berry & Co. )(Brief Article)
February 1, 2001... Though a few top banks have done well owning and operating insurance agencies, most banks fail in their insurance endeavors, according to a consultant who advises in such deals. John Wepler, senior vice president, mergers and acquisition...

Harrison Named Banker of the Year.(J.P. Morgan Chase & Co. chief executive officer )(Brief Article)
February 1, 2001... American Banker has named J.P. Morgan Chase & Co. chief executive officer William B. Harrison Jr. its 2000 Banker of the Year for leading Chase Manhattan Corp. to its long-sought transformational merger -- culminating in the courtship and...

Honeymoon? Dimon Calls it Boot Camp.(James Dimon )(Brief Article)(Statistical Data Included)
February 1, 2001... When James Dimon took the helm at Bank One Corp. many on Wall Street said he was the right person to turn the struggling Chicago company around. Now, after 10 months on the job and two losing quarters, analysts and investors say the real...

Regulators Define What They Mean By Subprime: Guidelines will help examiners enforce higher capital rules.(guidelines apply to institutions that have a subprime asset concentration of 25% of Tier 1 capital or higher)(Brief Article)(Statistical Data Included)
February 1, 2001... Federal regulators offered their most extensive definition to date of subprime lending in examiner guidelines issued Wednesday and recommended that banks hold significantly more capital for subprime loans. The four banking and thrift...

Sony Seeks Japanese License For Web Bank; Morgan Has Role.(J.P. Morgan Chase and Co.)(Brief Article)
February 1, 2001... Sony Corp. applied Wednesday to Japan's Financial Services Agency for a preliminary license to open an Internet bank, which it will operate in collaboration with J.P. Morgan Chase & Co. and Sakura Bank Ltd. of Tokyo. With its 4% stake in...

TODAY'S NEWS.(Brief Article)
February 1, 2001... American Express' financial planning unit has frozen executive salaries in an effort to control expenses. Page 2 Schwab and TD Waterhouse have joined forces to make a deal for a Scottish market maker. Page 2 WASHINGTON A...

Amex Unit Joins Cost-Cutting Trend With a Pay Freeze.(Brief Article)(Statistical Data Included)
February 1, 2001... American Express Financial Advisors, American Express Co.'s Minneapolis financial planning unit, is the latest financial services company to freeze salaries as it weathers a slowing economy and continuing market volatility. In a four-page...

Network Expansion Key to Mackenzie Deal.(Investors Group Inc. and MacKenzie Financial Corp.)(Brief Article)(Statistical Data Included)
February 1, 2001... Both companies in the merger that will solidify Investors Group Inc.'s leadership in the Canadian mutual funds market say the promise of more distribution strength was the key to a deal that underscores growing interest in a hot marketplace....

In Brief: Advanta Earns $19M On Biz Cards, Pretax.(Brief Article)
February 1, 2001... Advanta Corp., which has been shedding business lines and says it will focus exclusively on issuing credit cards to companies, said last month that its business card operations earned pretax income of $19 million in the fourth quarter, a 64%...

In Brief: Tax Firm Puts Loans, Refunds on Cards.(Jackson Hewitt Inc.)(Brief Article)
February 1, 2001... Tax preparer Jackson Hewitt Inc. will give income tax filers the option of getting their federal tax refunds on a stored-value Jackson Hewitt MasterCard that can be redeemed for cash at automated teller machines or used at merchants that accept...

In Brief: HP Offering Gift-Card System to Merchants.(Hewlett-Packard Co.'s Verifone Division's payment software)(Brief Article)
February 1, 2001... The Verifone division of Hewlett-Packard Co. is offering large retailers a do-it-yourself alternative to buying gift-card programs from service providers. It has signed up a first customer for the updated version of its Gift Card hardware...

New NextCard Goal: Break Even by Yearend.(Brief Article)
February 1, 2001... NextCard Inc., the Internet-based credit card company, continued its reign as the beauty queen of the industry last year by picking up $1 billion of receivables. Though it continues to draw compliments -- on Wednesday, for example, Gomez...

HomeSide Says Australia Issue Was Start of a Global Strategy.(HomeSide International Inc.)(Brief Article)
February 1, 2001... The first offering by a U.S. company of securities backed by Australian mortgages kicked off a global strategy that HomeSide International Inc. hopes to take to the United Kingdom and eventually all of Europe. The HomeSide offering,...

Dorado Offers Tool To Retain Customers.(Dorado Corp.'s financial software)(Brief Article)
February 1, 2001... Dorado Corp., an e-commerce technology company for the financial services industry, announced Wednesday that it is offering a software product geared to help banks retain customers in a refinancing boom. The product, called e-Retention, is...

In Brief: E-Trade Beefs Up Its Bond Web Site.(Brief Article)
February 1, 2001... E-Trade Group Inc. has enhanced the two-year-old Bond Center on the "Destination E-Trade" section of its Web site. Bond Center is aimed at customers who want to diversify their portfolios and preserve their principal through fixed-income...

In Brief: New Unisys Software Includes Aggregation.(Brief Article)
February 1, 2001... Unisys said Wednesday that it had introduced wealth management software to help companies court what it called the "mass affluent" market. The technology vendor said companies can use the software to offer personalized financial services...

Other Banks' Web Problems Spawned UMB WebSolutions.(UMB Bank N.A.)(Brief Article)
February 1, 2001... A bank might seem an unlikely place for another bank to go for help in developing a Web site. But requests from other banks were what prompted UMB Bank in Kansas City, Mo., to launch UMB WebSolutions, a service offering site development...

Channel-Crossing Nat'l InterBank Lands InfoSpace.(online banking deal)(Brief Article)
February 1, 2001... National InterBank, a retail Web-only bank that also sells e-banking technology, has struck a deal to let InfoSpace Inc. corporate customers offer online banking, the latest in a series of affinity agreements the bank says are helping its...

Correction.(Correction Notice)
February 1, 2001... In Wednesday's issue, the chart on pages 20 and 21 with the profile of Fannie Mae's chairman, Franklin D. Raines, included a typographical error. As the time line correctly indicated, Mr. Raines became vice chairman in 1991, not 1981. ...

Financial Stocks Fail To Rally After Rate Cut.(Brief Article)(Statistical Data Included)
February 1, 2001... Financial stocks failed to gain ground after the Federal Open Market Committee lowered both the federal funds rate and the discount rate by 50 basis points, to 5.5% and 5%, respectively. The American Banker index of the top 50 banks ended...

In Brief: Goldman Sachs Hires Former B of A Exec.(Bank of America Corp., Kathleen Brown)(Brief Article)
February 1, 2001... Kathleen Brown, the politically connected private banking executive who lost her job after Bank of America Corp.'s latest management reshuffle, has been hired by Goldman Sachs & Co. The New York investment bank announced Wednesday that it...

In Brief: Clarica Buys Royal Trust of Canada Unit.(Clarica Life Insurance Co. and Royal Bank of Canada)(Brief Article)
February 1, 2001... Clarica Life Insurance Co. completed its acquisition Wednesday of the Canadian group retirement services business of Royal Trust Co. and Royal Trust Corporation of Canada. The sale, announced in December, was of Royal Bank's defined...

In Brief: Bill Would Insure Municipal Deposits 100%.(Municipal Deposits Insurance Protection Act of 2001)(Brief Article)
February 1, 2001... Sen. Robert Torricelli, D-N.J., introduced a bill Wednesday that would give municipal deposits 100% federal insurance coverage. The Municipal Deposits Insurance Protection Act of 2001 is supported by community banks that argue full deposit...

City of W.Va. Takes $59M In Charges.(City Holding Co.bank)(Brief Article)
February 1, 2001... After failing to unload its two out-of-state banks and other subsidiaries that have drained earnings, City Holding Co. of Charleston, W.Va., is instead writing down the value of those businesses and taking a $38.4 million loss in 2000 and a...

Top 150 Bank Holding Companies by Domestic Commercial & Industrial Loans.(Statistical Data Included)(Brief Article)
February 2, 2001... (part 1 of 2) As of September 2000; dollars in thousands Rank Name City State 1 Bank of America Corp. CharlottN.C. 2 Bank One Corp. Chicago Ill. 3 FleetBoston Financial Corp....

In Brief: Wells Completes Deal for Leasing Firm.(Brief Article)
February 2, 2001... Wells Fargo & Co.'s commercial leasing unit completed the acquisition of Conseco Finance Vendor Services, a Paramus, N.J., leasing company. The business, which includes $960 million of owned and managed leases and vendor relationships, was...

In Brief: Three Rivers Buying Pennsylvania Capital.(Brief Article)(Statistical Data Included)
February 2, 2001... Three Rivers Bancorp announced Thursday that it has agreed to buy $145 million-asset Pennsylvania Capital Bank of Pittsburgh for about $20 million. When $950 million-asset Three Rivers spun off from US Bancorp in July 1999, Terry Dunkle,...

In Brief: Moody's Downgrades AmSouth Bank.(Brief Article)
February 2, 2001... Moody's Investors Service downgraded the long-term ratings of AmSouth Bank to "A1" from "Aa3" on Wednesday but affirmed the "A2" for AmSouth Bancorp, its Birmingham, Ala., parent company. AmSouth Bank has only "modest" earnings growth...

In Brief: Concord EFS Closes Star Systems Purchase.(Brief Article)
February 2, 2001... Concord EFS Inc. has completed its acquisition of Star Systems Inc. of Maitland, Fla., the country's largest electronic fund transfer network. Star, which had revenue of $183 million last year, is now a part of Concord's Network Services,...

In Brief: Mellon Banker Leads Nacha Internet Group.(Brief Article)
February 2, 2001... David L. Merritt of Mellon Financial Corp. has been named chairman of the Internet council at Nacha, the electronic payments association, the bank announced Wednesday. Mr. Merritt is vice president and product design manager in Mellon...

In Brief: Illinois Bank Pairs With a PC Maker.(Brief Article)
February 2, 2001... Systemax Inc., which manufactures and distributes private-label and name- brand PC hardware and related products, and EFC Bancorp of Elgin, Ill., have formed a sales and training alliance. Systemax will custom-configure PCs to allow instant...

Sanchez Confirms Firings of Top 2 e-Profile Execs.(Brief Article)
February 2, 2001... Right after canceling its initial public offering for e-Profile in mid-December, Sanchez Computer Associates Inc. fired the top two managers of the division, the company has confirmed. e-Profile provides core systems outsourcing for...

Chips Targets Fed Wire With New Clearing System.(Brief Article)(Statistical Data Included)
February 2, 2001... In a strategy to attract domestic large-value payments between businesses, the Clearing House Interbank Payments System, Chips, has changed the way it processes payments, and hopes the change will help it compete with the Federal Reserve's Fed...

Letters To The Editor.(Brief Article)
February 2, 2001... Fannie Mae Chief: Baker, Congress Not Our Opponents To the Editor: Your recent profile on me ("Fannie Mae CEO Poised for Fresh Onslaught," Wednesday) conflated two separate thoughts in a manner that would confuse the reader about the...

Letters to the Editor.(Brief Article)
February 2, 2001... Fannie Mae Chief: Baker, Congress Not Our Opponents To the Editor: Your recent profile on me ("Fannie Mae CEO Poised for Fresh Onslaught," Wednesday) conflated two separate thoughts in a manner that would confuse the reader about the...

High-Risk: Serving Only Plum Customers.(Brief Article)(Critical Essay)
February 2, 2001... Is the current focus on segmented customer service based on a customer's worth (profits) -- platinum service only for good customers, bare-bones service for others -- another fad that will go the way of the reengineering zeal of the early...

Treasury Underestimates the Damage That Gramm-Leach-Bliley Did to CRA.(Brief Article)
February 2, 2001... Byline: John Taylor At the last possible minute on Jan. 19, the Clinton Treasury Department released its report on the Community Reinvestment Act mandated by the Gramm-Leach-Bliley Act. Rushed as it was, the report got some things right...

Thriving Ace Cash Express Losing Its Finance Chief.(Brief Article)(Statistical Data Included)
February 2, 2001... Ace Cash Express Inc., a Dallas retail financial services chain that provides check cashing services, is in the market for a chief financial officer. The current one, senior vice president Debra A. Bradford, announced Thursday that she was...

Schwab Lifts Vacation-Days Mandate.(Brief Article)
February 2, 2001... Charles Schwab Corp. has revised its recent edict that all nonessential employees take mandatory vacation days to help cut costs and shore up waning profits. In a memo sent to Schwab's 26,000 employees on Thursday, Beth Sawi, the San...

Fund Inflow Surge May Foreshadow Even More Sales.(Brief Article)
February 2, 2001... Net inflows to the nation's stock mutual funds showed signs of recovery in December after November's slump, and some fund companies and observers are predicting that January's figures will prove even more robust. According to figures...

Allfirst Exec: Nonprofits Path to Wealthy Clients.(Brief Article)
February 2, 2001... Allfirst Financial Inc.'s hiring this week of a Vanguard principal was part of a strategy to expand the Baltimore company's individual and institutional investment advice services nationwide. Michael Odlum, who will lead Allied Investment...

Answer Financial's Quiet Site Starts to Get Attention on Web.(Brief Article)
February 2, 2001... Answer Financial Inc., which builds private-label Web insurance services for banks and affinity group partners, has done no marketing for the online retail agency it quietly rolled out in September. The site is being noticed anyway. ...

In Brief:.(Brief Article)
February 2, 2001... Minnesota Life Exec Gets Expanded Role Minnesota Life Insurance Co. has announced that Randy F. Wallake, the senior vice president in charge of its pension unit, will also take over the individual insurance unit.NEW YORK -- Mony Group Inc....

In Brief: Wilmington Trust Adds Web Features.(Brief Article)
February 2, 2001... Trust Corp. relaunched its Web site last week with several new features, including personalized content, an alert system, single-click access to account information, original articles on financial topics, and e-mail access to its investment...

In Brief: Federated Investors Has New Tech Fund.(Brief Article)
February 2, 2001... Federated Investors has launched a technology fund to invest in companies with market capitalization of more than $3 billion. The Federated Large Cap Tech Fund will seek to invest in profitable technology companies with positive cash flows...

In Brief: Amex Hires Boston Retirement Sales VP.(Brief Article)
February 2, 2001... American Express Retirement Services has hired Patrick Murphy as the vice president responsible for sales in the Boston area. He will develop relationships with potential retirement plan customers and with consultants for companies that...

In Brief: Mony Group Closes Purchase of Advest.(Brief Article)
February 2, 2001... The merger received regulatory approval from the Office of Thrift Supervision on Wednesday. The approval was required because Advest Group's units include Advest Bank and Trust, a thrift that provides trust services. The OTS said in a...

Amex, Oracle Align Software Platforms.(Brief Article)
February 2, 2001... American Express Co. has announced an agreement with Oracle Corp. of Redwood Shores, Calif., the largest provider of software for e-business, to integrate the American Express corporate purchasing card platform into the Oracle e-business suite....

iPlace Tries to Make a Score By Marketing a 'Fico Clone'.(Brief Article)
February 2, 2001... As companies that maintain consumer credit records rush to sell their wares directly to consumers online, a company called iPlace Inc. has developed its own proprietary credit score -- separate from, and possibly competitve with, the Fair,...

In Brief: PrimeStreet to Power Office Depot Biz Site.(Brief Article)
February 2, 2001... Office Depot and the technology vendor PrimeStreet have formed an alliance to deliver a full range of credit products to the office supplies giant's small-business customers. PrimeStreet, of Boston, will power Office Depot's online finance...

Ashcroft Gets Nod from This Ala. Banker.(Brief Article)
February 2, 2001... Donald V. Watkins, an Alabama banker and political activist, says that he'd been fed up with the Senate confirmation process for some time, but that the flurry of criticism surrounding the nomination of John Ashcroft as attorney general was the...

Woes Not Over for Traditional Subprime Cos.(Brief Article)
February 2, 2001... With the general mortgage industry expecting a banner year, you might expect the subprime lending sector to go along for the ride. But in a rapidly evolving business, traditional subprime lenders face a complicated array of pressures, from...

D.C. Speaks: Corzine Ready To Fight Back At Bank Lobby.(Brief Article)
February 2, 2001... Freshman Sen. Jon Corzine may be from Wall Street, but he's no ally of the financial services industry. "I believe there is a responsibility for our financial institutions to provide access to credit in all of our communities," the New...

TODAY'S NEWS.(Brief Article)
February 2, 2001... State Street has formed a joint venture with a Dutch pension fund as part of its global plan to invest in start-up asset managers. Page 3 WASHINGTON Sen. Phil Gramm has named the five subcommittee chairman for his banking panel. Page 4...

In Brief: Wamu Completes PNC Mortgage Unit Deal.(Washington Mutual Inc., PNC Financial Services Group)(Brief Article)
February 2, 2001... Washington Mutual Inc. said Thursday that it has completed the purchase of the mortgage banking business of PNC Financial Services Group, expanding its distribution capabilities to the Midwest and the Northeast. The Seattle thrift said the...

In Brief: B of A Hires for European Trading Desk.(Brief Article)
February 2, 2001... Bank of America Corp. is boosting its derivatives trading desk in Europe. The company said Thursday that it has hired Pierre Maliczak, Fitzroy Thomas, and Eymour Boutia for its structured products desk. They report to Jamie Miller, the...

Executive Changes.(multiple articles)(Brief Article)
February 2, 2001... MIDWEST ABN Amro's North American unit in Chicago has given William Thornton and Willie Miller the title of executive vice president. Their responsibilities do not change. Mr. Thornton, 50, is the chief administrative officer at...

State Street Venture Bolsters Global Quest for Asset Firms.(joint venture State Street Global Alliance L.L.C.)(Brief Article)
February 2, 2001... State Street Corp. on Thursday expanded a continuing effort to invest in start-up asset managers that provide value to its institutional clients. The Boston banking company said it has formed a joint venture with ABP, a Dutch pension fund...

In Brief: Gramm Names Subcommittee Chairmen.(Phil Gramm, Senate Banking Committee)(Brief Article)
February 2, 2001... Senate Banking Committee Chairman Phil Gramm announced his five subcommittee chairmen Thursday. Sen. Jim Bunning, R-Ky., was named chairman of the economic policy subcommittee, which had been headed by Sen. Connie Mack, R-Fla., who...

In Brief: Basel Proposals on Laundering, Fraud.(Basel Committee on Banking Supervision )(Brief Article)
February 2, 2001... Guidelines proposed Wednesday by the Basel Committee on Banking Supervision would commit regulators to making sure that banks adopt a detailed regimen of anti-money-laundering and anti-fraud controls. The Basel Committee's 26-page proposal,...

In Brief: Tips from OCC Official on Beating Nonbanks.(Office of the Comptroller of the Currency)(Brief Article)
February 2, 2001... Office of the Comptroller of the Currency Chief Counsel Julie L. Williams said Thursday that banks should market individual products and services to compete better with nonbanks. "A view of the banking business as divisible into component...

In Brief: Bremer of St. Paul to Buy Firstar Branches.(Bremer Financial Corp.)(Brief Article)
February 2, 2001... Bremer Financial Corp. in St. Paul said it would acquire 11 branches in the Twin Cities area from Firstar Corp. of Milwaukee for an undisclosed sum. Firstar, which has $77.6 billion of assets, was ordered by regulators to divest the...

In Brief: 2 Korean-American Banks' Earnings Soared.(Nara Bank, Hanmi Bank)(Brief Article)(Statistical Data Included)
February 2, 2001... Two Los Angeles community banks that cater to Korean-Americans announced strong earnings this week. Nara Bank said Thursday that its net income for 2000 rose 163% from the year earlier, to a record $10.5 million. Net income per share was...

Deutsche, Cutting, Sees Room for U.S. Growth: Eyes private banking, asset management.(Deutsche Bank AG)(Brief Article)
February 2, 2001... Deutsche Bank AG, even as it announced a round of global cutbacks in investment banking, has identified several business lines where it hopes to expand in the U.S., possibly through acquisition. After years building its investment banking...

At Sterling, High-Touch Means High Margins.(Sterling Bancshares Inc. customer service and income)(Statistical Data Included)
February 2, 2001... George Martinez took a couple of clients to lunch last month and ordered the chef's special, mahi-mahi. When he asked for some vegetables other than potatoes, the waiter said he couldn't substitute side dishes with the special. "I ended up...

First Data Brings 1,400 Issuers into CollectionsX Deal.(First Data Corp., auction of portfolios of distressed debt)(Brief Article)
February 2, 2001... First Data Corp. has agreed to offer its credit card-issuer clients -- all 1,400 of them -- the services of CollectionsX.com Inc., a fellow Atlanta company that auctions portfolios of distressed debt. CollectionsX opened its Web site for...

Banks in Turf Battle with Retail Brokers.
February 5, 2001... It's no coincidence that the bank investment business came of age during one of the longest-running bull markets in history. Banks, not traditionally known as investment product powerhouses, picked the low-hanging fruit during a period...

What Gramm-Leach-Bliley Did.(Brief Article)(Critical Essay)
February 5, 2001... Though long-awaited, the Gramm-Leach-Bliley Act of 1999 had little tangible effect on the bank investment world, industry observers say. The law officially eliminated the walls between banks, brokerage firms, and insurance companies....