American Banker articles from June 2002

American Banker archives from June 2002

Empty No. 2 Spot May Signal Wells Is Shopping.(Wells Fargo and Co.'s chief operating officer)(Brief Article)(Statistical Data Included)
June 3, 2002... Leslie S. Biller, Wells Fargo & Co.'s chief operating officer, once was considered next in line for the company's top spot. But his plan to retire in October has opened the field to a slew of possible successors, who have seven years to...

Compass: 2 Agency Deals Just a Start.(Compass Bancshares Inc. gets insurance firms)(Brief Article)(Statistical Data Included)
June 3, 2002... With two insurance agency acquisition pacts last week, Compass Bancshares Inc. matched the number of deals it had put together in the previous 18 months. Compass vice chairman Charles E. McMahen says the pair of deals was just the...

Midsize BB&T Bucks a Card Issuer Trend.(Brief Article)
June 3, 2002... Combine "midsize" with "credit card issuer" and you get a time-tested oxymoron in the consumer finance industry. Nonetheless, BB&T Corp. says it is committed to its card business, saying it is a powerful -- and profitable -- relationship tool....

Mortgagers' Net Branches: Bright Idea or Wild West?(third-party loan originations )
June 3, 2002... In the past few years, "net branches" have quickly evolved from an obscure corner of the home loan market into a powerhouse -- and, for some, a problem. The partnerships make big mortgage companies nominally in charge of smaller lenders....

Piper Starts NYC Fixed-Income Sales,Trading Desk.(U.S. Bancorp Piper Jaffray Inc.)(Brief Article)(Statistical Data Included)
June 3, 2002... U.S. Bancorp Piper Jaffray said Friday that it had started up a New York fixed-income sales and trading desk that is focusing on mortgage-backed securities. The investment banking arm of Minneapolis-based U.S. Bancorp last month opened a...

Executive Changes.(Brief Article)(Statistical Data Included)
June 3, 2002... MIDWEST Fifth Third Bancorp in Cincinnati has named Maurice J. Spagnoletti the president and chief executive officer of central Indiana banking operations. He will succeed Michael J. Alley, the president and CEO of the bank's central...

Washington People.(Brief Article)
June 3, 2002... Telltale E-mail... It is taken as a matter of fact here that lobbyists influence lawmakers with big donations or shape policy by writing amendments behind the scenes, but a close examination of e-mail traffic in the protracted, ugly fight...

In Focus: Goldman, Other Firms Joining In Launder Database Venture.(Brief Article)
June 3, 2002... More than two dozen financial services firms are set to launch a database company to help their peers root out money launderers, terrorists, and other lawbreakers. But whether the effort is a good example of the industry getting ahead of...

Worries as FBI Confirms Robbery Not a Top Priority.(Brief Article)(Statistical Data Included)
June 3, 2002... When the Federal Bureau of Investigation announced that it was directing more resources to thwarting terrorism, it confirmed that bank robbery was one crime that would receive less attention. Meanwhile, bank robberies are on the rise....

Fifth Third Sees Ad Push Paying Off in Fund Sales.(Fifth Third Bancorp's $3 million ad campaign)(Brief Article)(Statistical Data Included)
June 3, 2002... While banking companies generally were cutting their mutual fund advertising spending early this year, Fifth Third Bancorp's $3 million ad campaign helped bring in $600 million of assets and has been renewed for this quarter. "We began the...

Preferred Issues: A Blueprint for Building In Asset Management.(Brief Article)
June 3, 2002... Demographics and overall business trends are favorable for asset management now, but banking companies have yet to live up to their expectations in the business, say analysts and consultants. "Few organizations have demonstrated highly...

Moody's: Terror Coverage a CMBS Risk.(securities need terrorism insurance)(Brief Article)
June 3, 2002... Moody's Investors Service warned Friday that it is considering downgrading $5 billion worth of securities due to concerns about the lack of terrorism insurance coverage. The ratings agency said 14 commercial mortgage backed issues are...

In Brief: U.K. Prices Rose 2.1% in May.(Brief Article)(Statistical Data Included)
June 3, 2002... Home prices in the United Kingdom continued climbing in May, rising 2.1% from April, to an average price of 102,886 pounds ($149,748), according to Nationwide Building Society's monthly review. The increase from May 2001 was 17.9% -- the...

In Brief: Fannie Granting $2M to Brookings.(Brief Article)(Statistical Data Included)
June 3, 2002... The Fannie Mae Foundation, the nonprofit philanthropic arm of Fannie Mae, will make a $2 million grant to the Brookings Institution's Center on Urban and Metropolitan Policy. The money will be supplied over a five-year period during which...

In Brief: Saxon Renames Servicing Unit.(Brief Article)
June 3, 2002... Saxon Capital Inc. announced Friday that it had changed the name of its mortgage loan servicing unit, Meritech Mortgage Services Inc., to Saxon Mortgage Services Inc. "Leveraging the credit discipline in our origination channels with the...

In Brief: Freddie Announces $65M Initiative.(Brief Article)
June 3, 2002... Freddie Mac and Rep. Jerry Lewis, R-Calif., on Friday announced a $65 million homeownership initiative in the San Bernardino-Riverside area designed to help borrowers with down payments and closing costs. Participants include the...

Chase Pact Done, What's Next for Web Vendors?(Brief Article)
June 3, 2002... J.P. Morgan Chase & Co. says the completion of its new online banking platform for retail and small-business customers -- which was heralded last week in a press release by Corillian Corp. -- was the culmination of a two-year process. ...

Survey Sees IT-Spending Shift.(information technology purchasing)(Brief Article)(Statistical Data Included)
June 3, 2002... Measuring the value of technology investments will become a major spending issue, a survey of IT decision-makers concluded. The survey of 287 decision-makers also found that officials with titles such as chief executive or chief financial...

In Brief: MountainBank Acquiring Va.'s Cardinal.(MountainBank Financial Corp. )(Brief Article)(Statistical Data Included)
June 3, 2002... In a deal that would mark its entry into Virginia, MountainBank Financial Corp. has agreed to acquire the Floyd-based Cardinal Bankshares Corp. for $36.9 million in stock. Shareholders of Cardinal would receive a combination of common and...

In Brief: B of A Unit Easing Out of Derivatives.(Bank of America Corp. )(Brief Article)
June 3, 2002... Bank of America Corp. said Friday that it had stopped taking on new derivatives-trading business at a small subsidiary. The company said Bank of America Financial Products, which sells derivatives to a "small number" of customers, would not...

In Brief: FDIC Webcasts to Cover 1Q, Disclosures.(Federal Deposit Insurance Corp. is planning two webcasts )(Brief Article)(Statistical Data Included)
June 3, 2002... The Federal Deposit Insurance Corp. is planning two webcasts this week, the first scheduled for today on preliminary first-quarter bank earnings. Industry observers will be on the alert for any signs that the Bank Insurance Fund's ratio of...

1Q Reports Show Fewer Losses from Equity Stakes.(financial earnings in the banking industry)(Brief Article)(Statistical Data Included)
June 4, 2002... Equity investing took a much smaller toll on the bottom lines of the eight largest banking companies during the first quarter -- a loss of $346 million, compared with $3.4 billion in the fourth quarter, according to data just released by the...

Quest for Leaner Tech Budget Leads Merrill to India, Vietnam.(Firm improving technology systems)(International Pages)(Brief Article)(Statistical Data Included)
June 4, 2002... Given the task of whittling the technology budget while improving technology systems, Merrill Lynch & Co.'s chief technology officer has been scrimping where he can: he drives hard bargains with suppliers, relies more on outsourcing, and has...

Sandler Hires: A Window on Convergence.(Analyst coverage extends services to credit card companies)(Brief Article)
June 4, 2002... As Sandler O'Neill & Partners LP continues to broaden its analyst coverage beyond its regional banking core, the decisions it makes about what to add can serve as a window into the expectations of both the firm and its customers. Tacking...

Premium Talk Clouds Good News On Earnings.(Federal Deposit Insurance Corp. report )(Commercial bank earnings )(Government Activity)(Brief Article)(Statistical Data Included)
June 4, 2002... Commercial bank earnings climbed to $21.7 billion through March 31 -- the first quarterly record in a year -- thanks largely to strong net interest margins, a Federal Deposit Insurance Corp. report said Monday. Still, the agency's chairman,...

Citi: Conflicts Not Reason We're Leaving Creditors Committee.(Citigroup Inc. withdraws Enron Corp.'s bankruptcy proceedings' committee)(Brief Article)
June 4, 2002... Citigroup Inc. last week bowed out of a 14-member committee of lenders and bondholders representing creditors in the bankruptcy proceedings of Enron Corp. In a letter Thursday to the U.S. Trustee in the case, Citi said it was resigning,...

In Brief: OFHEO Releases Governance Rule for Fannie, Freddie.(New corporate governance rule for mortgage companies)(Government Activity)(Brief Article)
June 4, 2002... The primary regulator of Fannie Mae and Freddie Mac on Monday finalized a corporate governance rule for the two mortgage companies and laid out what will be expected of their boards of directors. The new rule, released by the Office of...

In Brief: Trade Group Asks Congress For Federal Insurance Charter.(Insurance industry regulation hearing)(Government Activity)(Brief Article)
June 4, 2002... On the eve of today's House Financial Services subcommittee hearing on insurance regulation, a trade group representing the banking, insurance, and securities industries called on Congress to establish an optional federal insurance charter. ...

Activists Knock Citi on Subprime; Firm Debates Data.(Brief Article)
June 4, 2002... After studying Citigroup Inc.'s mortgage lending patterns, an activist group on Monday called on the Federal Trade Commission to add charges of loan steering to its pending suit against the financial services giant. The National Training...

In Brief: PAB of Ga. Adopts Atlanta Fed Restrictions.(PAB Bankshares suspends dividend payments)(Brief Article)(Statistical Data Included)
June 4, 2002... PAB Bankshares announced late Friday that its board had adopted a resolution at the request of the Federal Reserve Bank of Atlanta restricting the company from buying back stock, paying dividends, or issuing new debt without regulatory...

In Brief: 1st Mutual of Wash. to Buy Back Shares.(MGN Group sells back 1.02 mn shares to First Mutual Bancshares Inc.)(Brief Article)
June 4, 2002... First Mutual Bancshares Inc. on Monday said it would repurchase 1.02 million shares of its stock from MGN Group LLC, a private investment firm in Seattle. First Mutual, with assets of $687 million, said it would pay about $15.8 million, or...

In Brief: North Ark. Board OKs Sale to Pocahontas.(Brief Article)
June 4, 2002... Pocahontas Bancorp announced Monday that the shareholders of North Arkansas Bancshares Inc. had approved the sale of the $39.2 million-asset Newport, Ark., company to Pocahontas. The deal, valued at about $4.4 million, was announced last...

New Haven Eyes Expansion As It Shores Up Its Base.(Brief Article)
June 4, 2002... Peyton R. Patterson has wasted little time putting her stamp on New Haven Savings Bank. When she became its chairman, president, and chief executive five months ago, the $2.3 billion-asset mutual thrift had the leading deposit share in the...

44 Hartford Wholesalers To Revive Ailing Annuities.(Brief Article)
June 4, 2002... Hartford Financial Services Group plans to hire 33 wholesalers to revamp the sales of its formerly best-selling Putnam Investments-advised variable annuity line. Hartford and Putnam also will turn over all wholesaling responsibilities for...

In Brief: Hedge Fund Inflows Slowed in 1st Quarter.(Brief Article)
June 4, 2002... Investors added $5.6 billion to hedge funds in the first quarter, ending the record pace of growth achieved in 2001, according to research by CSFB Tremont. In its quarterly analysis of industry fund flows, CSFB Tremont said Friday that...

In Brief: Mutual Fund Assets Declined $128B in April.(Brief Article)
June 4, 2002... Assets in mutual funds fell $127.6 billion in April, to $6.935 trillion, despite positive flows in most fund classes, according to the Investment Company Institute's monthly survey. The Washington-based institute said Thursday that stock...

Amex Unit's Variable Annuity for Market-Shocked.(Brief Article)
June 4, 2002... American Enterprise Life, one of the few companies to sell more variable annuities through banks last year than in 2000, on Monday launched American Express InnovationsSM Variable Annuity, a product that could appeal to conservative investors...

Citigroup Exec Sees Growth In Private-Label Business.(Brief Article)
June 4, 2002... With its growing private-label business, high hopes for the fast-food market, and success in getting its call centers to generate sales, Citigroup Inc.'s credit card business may have enough tricks up its sleeve to outwit a saturated industry,...

Mortgage Broker's Motto: 'I Take Care of People'.(Brief Article)
June 4, 2002... Working from 1,200 square feet of modestly appointed space in a nondescript suburban office building outside Albany, N.Y., Barry S. Moore hardly looks like a powerhouse in the financial services industry. But Mr. Moore runs one of about...

Bank Loan Officers Hardly Obsolete These Days.(Brief Article)
June 4, 2002... Brokers may originate the bulk of mortgages in the United States, but don't count out bank loan officers. They too play a big role in the mortgage industry. In fact, many of the largest lenders are increasing their sales ranks. Wells...

Yield-Spread-Premium Flames Lick Brokers.(Brief Article)
June 4, 2002... Mortgage brokers haven't been hit as hard as the rest of the home loan lending industry by the predatory lending uproar, but they face a growing peril in a popular but controversial fee payment: yield-spread premiums. Long used as vehicles...

In Brief: Knight Shares Plunge Following 'Glitch'.(Brief Article)
June 4, 2002... Knight Trading Group Inc. said that a "software glitch" in its trading system that generated a large series of sell limit orders in Knight stock sent the stock plummeting 53% in pre-market trading and as much as 27% in regular trading hours...

In Brief: Fitch Mulls Downgrades on Terror Concerns.(Brief Article)
June 4, 2002... Following last week's lead of Moody's Investors Services, Fitch Ratings announced Monday that it is considering downgrading $2.46 billion of securities because of the lack of terrorism insurance. Fitch said that it is reviewing 13...

In Brief: Merchants of Wis. to Acquire Fortress.(Brief Article)
June 4, 2002... Merchants and Manufacturers Bancorp. announced Monday that is was buying the $207 million-asset Fortress Bancshares Inc. of Westby in a deal valued at approximately $21.2 million. The deal would be payable in a combination of stock and...

A Calif. M&A Newcomer Sets Its Sights on Growth.(Brief Article)
June 4, 2002... Joseph A. Jolson says he is using what he learned in 15 years as an analyst at Montgomery Securities to run his own investment banking firm, even in a slow market. JMP Securities, which he founded three years ago with two other Montgomery...

Wamu Taps OCC Exec for New Risk Post.(Washington Mutual Inc. hires head of Office of Comptroller of the Currency, John F. Robinson)(Brief Article)
June 5, 2002... Expanding its risk management capabilities to cope with its burgeoning size, Washington Mutual Inc. hired one of its former regulators Monday. John F. Robinson, who heads the Office of Comptroller of the Currency's western district, will...

Fleet Bids Quarterly Numbers Game Adieu.(Fleet Financial Corp. to refocus on customer service, quality issues)(Brief Article)
June 5, 2002... An era of acquisitions and cost cutting behind it, FleetBoston Financial Corp. has joined a handful of big banking companies that have publicly shifted their management focus to customer service and other quality-related issues. Fleet says...

Visa, Bank One Say Disney Not Your Average Cobrand.(Walt Disney awards contract to Visa, Bank One Corp.)(Brief Article)
June 5, 2002... Walt Disney Co.'s selection of Visa and Bank One Corp. as payment card partners won the bank and the card association access to one of the most recognizable brands anywhere. Perhaps just as sweet for Visa and Bank One was the fact that by...

TODAY'S NEWS.
June 5, 2002... BNP Paribas is looking for possible deals in the western United States but has no intention of matching Citigroup's moves there. Page 4 WASHINGTON A hearing on federal insurance charter proposals, the first one in Congress in a year,...

Takes on Six Sigma: Service at Morgan, Processing at SunTrust.(J.P. Morgan Chase & Co., Sun Trust Banks Inc.)(Brief Article)
June 5, 2002... No two financial services companies use the Six Sigma quality management method in quite the same way, and the differences between its implementation at J.P. Morgan Chase & Co. and SunTrust Banks Inc. underscore this. SunTrust has been...

Executive Changes.(multiple banking industry appointment briefs)(Brief Article)
June 5, 2002... MIDDLE ATLANTIC Barclays Capital in New York has hired Chester Luy as a director and a senior manufacturing analyst in its U.S. high-grade research team. He reports to Mark Pibl, the head of U.S. high-grade research at the investment...

BNP Builds; Citi Is No Distraction.(BNP Paribas acquisition strategy; Citigroup Inc.)(Brief Article)
June 5, 2002... BNP Paribas is keeping a close eye on possible deals in the western United States but has no intention of matching Citigroup Inc. move for move in the region, the French company's president and chief operating officer says. "We could be...

Hopes for Accounting Reform Dimming.(Brief Article)
June 5, 2002... Top lawmakers from the House and Senate locked horns Tuesday over how strict to make accounting reform legislation, and the gap between their positions dimmed the prospects for enactment. Senate Banking Committee member Jon Corzine said...

Insurance Charter Accord Remains Elusive.(federal insurance)(Brief Article)
June 5, 2002... It had been a year since lawmakers had a hearing on proposals to establish a federal insurance charter, and the latest one Tuesday served to confirm predictions that Congress won't seriously consider legislation for another year or two. ...

comment: Here's What You Had to Say About Mission Statements.
June 5, 2002... Our latest contest to be the president for a day of our Schmidlap National Bank asked "What is your bank's mission?" Many quality bankers are confused about this. They want to further their banks' goals, but management has never told them...

Web Rarity: City of Wash.'s Unit Posts Profit.(City Bank, Lynnwood, Washington's online service, Diligenz)(Brief Article)(Statistical Data Included)
June 5, 2002... A community bank in Lynnwood, Wash., has succeeded where many others have stumbled -- its Internet subsidiary is making money. City Bank, which has assets of $594 million, turned a profit online three years after it acquired Diligenz LLC...

Bank Leumi Opens Branch In Fla. for Private Banking.(Florida)(Brief Article)
June 5, 2002... The U.S. unit of Israel's Bank Leumi has opened a Florida branch in an effort to expand its private banking business in the United States. Bank Leumi, a Tel Aviv-based institution, announced last week that its Bank Leumi USA had promoted...

In Brief: Keefe Bruyette Hires CFO, 2 Other Execs.(Keefe, Bruyette & Woods Inc.)(Brief Article)
June 5, 2002... Keefe, Bruyette & Woods Inc. has hired a chief financial and administrative officer and two fixed-income managing directors. The New York investment banking and brokerage firm, which specializes in the financial services sector, announced...

In Brief: TD Unit Planning to Meld 9 Funds, Drop 4.(TD Asset Management Inc. reorganizes mutual fund family)(Brief Article)
June 5, 2002... TD Asset Management Inc. has announced a proposal to restructure its mutual fund family by merging nine portfolios and eliminating four others. The company said on Monday that it wants to reorganize the TD Mutual Funds to streamline their...

In Brief: Former E-Trade Execs Start Asset Manager.(Brief Article)
June 5, 2002... A group of former E-Trade executives has started a Washington-based asset management and banking company. Their company, Emerge Financial Corp., will offer consumer lending, banking services, and asset management, they said Thursday. ...

In Brief: Unit of Mony Group Starts Fixed Annuity.(Brief Article)
June 5, 2002... Mony Life Insurance Company of America, part of the Mony Group Inc., has introduced a fixed annuity product that offers clients competitive interest rates and the potential for a lifetime income stream, with no up-front charges. Mony...

In Brief: Glenbrook to Brand Products as 'Allstate'.(Brief Article)
June 5, 2002... The Allstate Corp. subsidiary Glenbrook Life and Annuity Co. has announced that it plans to rebrand its products under the name "Allstate" for marketing purposes. Though the marketing name will change to Allstate, the company said Monday,...

In Brief: Prudential Promotes Exec to Run Sector.(Beth Anne Connelly promoted)(Brief Article)
June 5, 2002... Prudential Financial Inc. has announced the promotion of Beth Anne Connelly to vice president and chief operating officer, individual life insurance. In this role, she is responsible for all individual life insurance operations, systems,...

In Brief: Lincoln to Put Name On Eagles' Stadium.(Brief Article)
June 5, 2002... Lincoln Financial Group has bought, for $139.6 million, the right to put its name on the football stadium under construction for the Philadelphia Eagles of the National Football League. The stadium, which is to be opened in 2003, will be...

In Brief: AIG Gets OK to Start Operation in Beijing.(Brief Article)
June 5, 2002... American International Group Inc. has announced that its subsidiary, American International Assurance Co. Ltd., has gotten authorization to open a Beijing life insurance operation. AIG said on May 23 that it is the first foreign insurance...

Pondering the Future of Debit Interchange.(Brief Article)
June 5, 2002... Two senior debit card executives at major banking companies on Monday expressed concerns about the system of levying interchange fees for debit cards -- a system that has sparked consternation, and a class action, from merchants. Speaking...

Banks Weigh Mortgage Asset Risk, Reward.(Brief Article)
June 5, 2002... Though banks have made healthy profits from mortgage investments over the past year, several experts say they should sell before the economy rebounds and causes the value of those assets to diminish. To make up for a dearth of business in...

Delinquency Rate Dropped Slightly in 1Q, MBA Finds.(Brief Article)(Statistical Data Included)
June 5, 2002... The overall delinquency rate in the first quarter inched down 2 basis points from the fourth quarter, to 4.65%, according to the latest survey by the Mortgage Bankers Association. Meanwhile, delinquencies among conventional and...

In Brief: Nat'l Australia Servicing Sale.(National Ausralia sells servicing rights in HomeSide Lending Inc.)(Brief Article)(Statistical Data Included)
June 5, 2002... National Australia Bank announced Tuesday that it had sold $13.3 billion of servicing rights as it continued to liquidate its interest in HomeSide Lending Inc. Before the deal, National Australia held a $162 billion servicing portfolio...

In Brief: Home Sales on Record Pace.(Brief Article)(Statistical Data Included)
June 5, 2002... Sales of new and existing homes are on pace to set records for the second straight year, the National Association of Realtors said Tuesday. 2002 has already produced the three highest monthly home-sales rates on record. David Lereah, the...

In Brief: 1Q Home Prices Rose 6.05%.(Brief Article)(Statistical Data Included)
June 5, 2002... Home prices rose 6.05% in the first quarter from a year earlier and 1.38% from the fourth quarter, according to the Office of Federal Housing Enterprise Oversight's quarterly index. Sales and prices have defied the recession and stayed...

Tech Scene: SafeCHECK in Pact with 3 Banking Firms.(Brief Article)
June 5, 2002... SafeCHECK, a unit of Small Value Payments Co., said last month that Union Bank of California, ABN Amro Holding NV, and Union Planters Corp. are accepting transactions for its point of sale check verification and electronic check conversion...

Goldman Thinking Small in Asia.
June 5, 2002... We are not authorized to publish this article provided by Bloomberg News. Copyright c 2002 Thomson Media. All Rights Reserved. http://www.americanbanker.com

Wall St. Finding Plenty To Like About Wachovia.(Brief Article)(Statistical Data Included)
June 5, 2002... It has been nearly 14 months since First Union Corp. unsettled Wall Street by announcing a deal to acquire its Southeast rival Wachovia Corp., but the new Wachovia is gradually regaining the respect of analysts and investors. On Tuesday,...

In Brief: Citi Combining Latin American Operations.(Brief Article)
June 5, 2002... Citigroup Inc. said Tuesday that it was combining the corporate and consumer banking activities of its Latin American and Caribbean markets and that it had named Jorge A. Bermudez, a Citibank executive vice president currently in charge of...

In Brief: NCUA Chair Calls for 'Diligent Management'.(National Credit Union Administration,)(Brief Article)(Statistical Data Included)
June 5, 2002... Deposit growth is outstripping loan growth at credit unions with more than $50 million of assets, National Credit Union Administration chairman Dennis Dollar said Monday at a meeting of trade group representatives. According to Mr. Dollar,...

In Brief: Westamerica-Kerman State Deal Approved.(bank merger)(Brief Article)
June 5, 2002... The Federal Reserve Board on Tuesday approved Westamerica Bank's application to merge with fellow Californian Kerman State Bank under the Westamerica name. Westamerica, of San Rafael, would add $90 million of deposits in the deal. That...

eFunds' Woe May Be Sign Of Market Shakeout.(Brief Article)
June 6, 2002... Consolidation in the electronic funds processing business appears to have burned the processing and software sales company eFunds Corp., which took a drubbing in the market Wednesday after lowering its earnings guidance the night before. ...

TODAY'S NEWS.(Brief Article)
June 6, 2002... An RBC Centura exec discusses efforts to boost profits without raising fees. Page 2 Commercial banks' increased income from derivatives shows that the economy is rebounding, an OCC report says. Page 3 WASHINGTON Goldman's CEO says...

Bottom-Line Adjustments To Auditing's New World: U.S. Bancorp to split job; Fleet to diversify.(Brief Article)
June 6, 2002... While Congress and federal regulators mull steps to assure auditor independence, the financial services industry is forging ahead with its own changes. Minneapolis-based U.S. Bancorp, the only large U.S. bank to use the same firm for both...

Citi Hoping To Cut Another $1B of Costs.(Brief Article)(Statistical Data Included)
June 6, 2002... Citigroup Inc. is looking to carve another $1 billion out of its expense base this year on top of a similar program it conducted last year. The largest U.S. banking company, with over $1 trillion of assets and a network sprawled across the...

Repackaging to Make Clients More Profitable.(Brief Article)
June 6, 2002... Two schools of thought are emerging on making existing customers profitable. In one corner are banks that rely on fee income and are trying to cover revenue shortfalls by raising old fees or creating new ones. In the other corner are banks...

Derivatives Gain Called Good Sign.(Brief Article)(Statistical Data Included)
June 6, 2002... Commercial banks earned $3.1 billion from derivatives contracts in the first quarter, up 19% from the previous quarter, the Office of the Comptroller of the Currency reported Wednesday. The increase signaled that the economy is recovering...

Moody's Less Optimistic on Brazil Debt.(Brief Article)(Statistical Data Included)
June 6, 2002... Moody's Investors Service sounded a more cautious note on Brazil by changing its outlook on the country's sovereign debt to "stable" from "positive." In announcing the change late Tuesday, Moody's cited concerns about Brazil's ability to...