American Banker articles from November 2002

American Banker archives from November 2002

Insurers' Annuity Moves Could Crimp Bank Profits.
November 1, 2002... Recent charges taken by major annuity insurers highlight their continued struggles with one of their biggest product lines -- variable annuities. And industry observers predict the products will undergo big changes in pricing, features,...

Fed Reworks Discount, Affiliate Rules.(Federal Reserve Board)
November 1, 2002... The Federal Reserve Board took a raft of actions on Thursday that broadened the limits on transactions among bank affiliates and revamped lending from the discount window. It also postponed a decision on a proposal that would let banks...

In Focus: Another Blocked Merger Nudges Canada's Big 5 Toward the States.
November 1, 2002... Excitement rippled briefly along Bay Street in Toronto last month after Canada's finance minister, John Manley, asked parliament to clarify the nation's bank merger rules -- a move some bankers thought might finally break the four-year...

Today's News.
November 1, 2002... WASHINGTON Page 3 COMMUNITY BANKING Bremer of St. Paul has created a private banking unit targeting small-business owners and affluent retirees. Page 5 VIEWPOINTS Cures for free-checking fever; paper suppression by card...

Did OTS Send A Signal by Sidetracking BB&T Deal?(Office of Thrift Supervision)
November 1, 2002... Given BB&T Corp.'s stellar track record as an acquirer and its stated intention of expanding in Florida, few were surprised when the company announced a month ago that it would acquire FloridaFirst Bancorp. More than a few eyebrows were...

People.(banking industry)
November 1, 2002... Product Testing 101 Bank of America Corp.'s retail banking test market in Atlanta has caught the attention of a Harvard Business School professor, who calls it an unusual example of experimentation and risk-taking at a large company. ...

Flash Points.(Securities Exchange Commission)
November 1, 2002... Regulators As hard as it is to believe, Harvey Pitt, the embattled Securities and Exchange Commission chairman, failed to tell his fellow commissioners that William H. Webster, the head of the new accounting oversight board, had been...

Election Insights: Tex. Bankers Have a Favorite, But Banking Low on Agenda.
November 1, 2002... Larry Hawkins, the president and chief executive officer of $58 million-asset Unity National Bank in Houston, is not bothered that he is among the few Texas bankers he knows of who openly support Democrat Ron Kirk for the U.S. Senate. ...

Mergers Prompt Advisory Launch at Bremer.(Bremer Financial Corp.)
November 1, 2002... Looking to take advantage of market flux, Bremer Financial Corp. has created a private banking unit targeting small-business owners and affluent retirees. The St. Paul company said this week that the wealth advisory services division will...

Letters To The Editor.
November 1, 2002... Competitor? Project Action Should Help Cards To the Editor: Your Oct. 23 article on Nacha's Project Action says that Action is intended to compete with credit and debit card payments on the Internet. For the record, it is not the...

It's High Time That Card Issuers Gear Up for a Paperless Future.
November 1, 2002... Credit card issuers could save about $2 billion a year by suppressing printing and mailing of paper statements. Among large issuers, only Citigroup Inc., American Express Co., and Capital One Financial Corp. have such a program. Some small...

Don't Get Brand Sickness From Free-Checking Fever.
November 1, 2002... Free checking accounts are the latest fad product. Many bank CEOs are foolishly copying their rivals, introducing this "revolutionary" offering under the misguided belief that competing on price is the only way to stay relevant. ...

In Brief: Concord EFS Moves to NYSE.(Brief Article)
November 1, 2002... Concord EFS Inc., the electronic transaction processor that owns the Star network, on Thursday moved its stock listing to the New York Stock Exchange from the Nasdaq. Concord now trades under the ticker symbol CE. "This move represents...

In Brief: Bilingual B of A ATMs in Fla.(Bank of America installs bilingual talking ATM machines in Florida)(Brief Article)
November 1, 2002... Bank of America Corp. has installed more than 300 bilingual talking automated teller machines in Florida. The installations are part of the company's previously announced plan to provide more than 7,000 talking ATMs coast-to-coast by...

In Brief: Harris to Test Tracking Software.(Brief Article)
November 1, 2002... Harris Bank plans to pilot Web-enabled software from Metavante Corp. meant to help the Chicago bank analyze debit and automated teller machine card transactions. The Bank of Montreal subsidiary said the Electronic Funds Transfer Data Mart...

Visa Explores Voiceprints for Possible Online ID.
November 1, 2002... Visa International's decision to authenticate its employees through the sound of their voice may presage consumer use in online transactions, Visa and its vendor say. The card association acknowledged that replacing consumers' typed-in...

Renters Getting a Chance to Make Credit (Report) History.
November 1, 2002... Credit card, student loan, and car payments all show up on credit reports, but the largest expenditure for nearly 40% of Americans -- rent -- is never tracked. As a result, many renters have been unable to establish sufficient credit...

Fed Official Hints Predator Rules Need Fine-Tuning.(Federal Reserve Board could take on predatory lending)
November 1, 2002... A Federal Reserve Board governor has indicated that the central bank may at last be ready to tackle the black sheep of the credit family: predatory lending. "The notion of line-drawing is very, very important," Fed Governor Edward Gramlich...

Wachovia Unit Bets on In-House Image Archiving.(Silas Technologies Inc.)
November 1, 2002... While many banking companies are enthusiastic about storing check images at third-party archives, where they might exchange them, a Wachovia Corp. technology subsidiary is counting on continued demand for in-house check image archives. ...

Three Banks Sign Up for Deluxe Program.(Brief Article)
November 1, 2002... Three midwestern banks have joined the DeluxeSelect program, which stations employees of Deluxe Financial Services in bank branches and elsewhere to try to sell elaborate checks to the banks' customers. The three banks -- UMB Financial...

U.S. Bancorp Plans (Incremental) Growth in Calif.
November 1, 2002... U.S. Bancorp, which today plans to close its acquisition of 57 Northern California branches from Bay View Capital Corp., would like to be bigger in the state, but it does not expect to make a big deal to do so. Growth probably will be...

In Brief: Some at FHFB Knew Probe Was Coming.(Federal Housing Finance Board chairman investigation)(Brief Article)
November 1, 2002... A Federal Housing Finance Board spokesman said Thursday that at least some personnel at the agency knew in advance that outside investigators planned to inspect its computer files as part of an investigation of Chairman John T. Korsmo. The...

In Brief: B of A Wins Permission to Trade Electricity.(Bank of America to buy and sell electricity)(Brief Article)
November 1, 2002... The Federal Energy Regulatory Commission on Wednesday approved Bank of America Corp.'s application to buy and sell electricity. The company had filed a 53-page application on Sept. 3 asking for the authority to trade electricity and buy...

Top 150 Credit Unions by Concentration* in New-Vehicle Loans: On June 30, 2002. Dollars in thousands.
November 1, 2002... (Part 1 of 2) 1 John Wesley AME Zion Church Federal Credit Union Washington St. John's Parish Credit Union Covington,Ky. 3 Los Angeles Lee Federal Credit Union 4 Hillcrest Lodge Federal Credit Union New Hyde Park, N.Y. 5...

Editor's Note.(banks and thrifts)(Editorial)
November 1, 2002... An old distinction has blurred in recent years as more commercial banks began making home mortgages and joining Federal Home Loan banks and more thrifts started making business loans and seeking more "bank-like" balance sheets. Indeed,...

Battered Thrift Charter Down, But Not Out.(Office of Thrift Supervision)
November 1, 2002... Though declared dead many times, the thrift charter has a way of proving obituaries premature. But some policymakers and bank executives are wondering if the time has finally come to put it to rest. Their reasoning is simple: The...

Getting Attention - and Deposits - Via 3-D Mail.(First Trust Bank)
November 1, 2002... Eight-ball toys worked a little marketing magic for First Trust Bank in Charlotte and helped it generate a 30% response rate to a direct mail campaign targeting business owners. Gloves played a hand in getting Nebraska farmers to visit...

New Development Credit Draws a Flood of Applicants.
November 1, 2002... Hundreds of banks, credit unions, and loan funds are vying for a sliver of a new government tax credit, but only a fraction of them will be walking away winners. Under the New Markets Tax Credit Program, the Treasury Department is to...

Lots of Catching Up to Do in Data Protection.(Gramm-Leach-Bliley Act)
November 1, 2002... The Gramm-Leach-Bliley Act requirement that financial services companies send customers notices explaining their third-party name-sharing policies has received tremendous attention. But it appears that a companion provision to the...

Right Ancillary Biz Can Be Bottom-Line Boon.(banks)
November 1, 2002... For years, banks have been venturing from their main business of taking deposits and making loans into activities such as brokerage, insurance, and asset management. Some are moving further afield than others, however. Take $290...

Subprime Referrals Can Bring Fees, Alienation.
November 1, 2002... A single mother who has been a longtime customer of West Georgia National Bank and hit upon hard times needed a personal loan to tide her over until she could get back on her feet. But the bank's loan committee was not sure she would have...

TODAY'S NEWS.
November 4, 2002... FHFB Chairman Korsmo admitted he had acquired information about the political contributions of the bankers he regulates. Back page WASHINGTON Page 4 COMMUNITY BANKING Walter Mondale's entrance into the Minnesota Senate race makes...

MONY Looking to Beat Bank-Annuity Odds.(MONY Life Insurance Company of America in talks with banks)
November 4, 2002... Annuities have been a mainstay product in banks since the 1980s, and over time, many providers have tried to push into the crowded channel. Has it gotten too crowded? Given the litany of failed bank-channel programs -- Sage Life and...

Fla. Start-Up Has No Trouble Raising Capital.(US Century Bank)
November 4, 2002... A new bank is opening for business in Miami today, backed by $22 million of capital, the most ever for a Florida-chartered start-up. Ramon Rasco, one of the organizers of US Century Bank, said that the group set out in July to raise $16...

Superior Gain for FDIC?: Agency sues Ernst for more than failure's cost.(Federal Deposit Insurance Corp.)
November 4, 2002... The Federal Deposit Insurance Corp. has started what promises to be an acrimonious court battle with the accounting firm Ernst & Young that could turn the failure of Superior Bank from a financial loss into a gain of hundreds of millions of...

In Focus: SEC Proposal Could Cloud Off-Balance-Sheet Picture.
November 4, 2002... Lost amid the clashes at the Securities and Exchange Commission over who knew what about William Webster's business dealings was another accounting-related debate that hits a lot closer to home for banks. The SEC on Wednesday proposed to...

When Talk Turns to Triple-A, Another Bank Trumps Citi.(Moody's may upgrade Fifth Third Bank of Cincinnati)
November 4, 2002... Last year, before all the trouble with Enron Corp. began, the conventional wisdom had Citibank pegged as the lead candidate for the coveted and elusive triple-A credit rating. No U.S. bank has held that honor since the mid-1990s, and...

Executive Changes.(various banks)
November 4, 2002... MIDWEST Fannie Mae has named Shalley A. Jones as the vice president for housing and community development at its midwestern regional office, in Chicago. She is in charge of initiatives for low- and moderate-income homebuyers and for...

Washington People.(bankers in political races)
November 4, 2002... Down the Stretch A number of bankers -- as well as their offspring and spouses -- are hoping to fill congressional seats and governors' mansions next year. COLORADO If Denver-area voters decide Tuesday to send Bob Beauprez to...

Election Insight: Minn. Bankers' Clear Choice Now More Complicated.
November 4, 2002... Though the tragic turn of events in the hotly contested Minnesota Senate race has some bankers still wondering whom they will support, it has made others more certain. At first Republicans saw an opportunity to topple a vulnerable Democrat...

Protecting OTS and Charter Tops Thrift Group's Agenda.(Office of Thrift Supervision, America's Community Bankers)
November 4, 2002... D. Russell Taylor, the mutual thrift executive who on Wednesday is to become the 11th chairman of America's Community Bankers, says he is determined to defend the status quo on the Office of Thrift Supervision, the thrift charter, and deposit...

Visa Adds Celebrity Sheen For Holiday-Season Boost.(television advertising)
November 4, 2002... With low consumer confidence and rising unemployment threatening to affect the holiday shopping season, Visa U.S.A. is hoping celebrities will inspire people to spend. Three new television spots feature Visa's check card product and its...

Preferred Issues: Is There Such a Thing As Too Many Deposits?(Industry Overview)
November 4, 2002... Initially, the heavy deposit inflows at many of the nation's banks were met with enthusiasm, but more recently the two-year-old trend has presented a problem: What should banks do with all that money? Uncertain economic times prompted many...

In Brief: New ING Fund Shields Principal.(ING Principal Protection Fund V)(Brief Article)
November 4, 2002... ING Investments' U.S. financial services unit said it has launched a mutual fund with a five-year guarantee of principal. ING Funds introduced the ING Principal Protection Fund V on Friday. It was started because ING's four other principal...

In Brief: Fund Assets Fell 5.5% in Sept.(domestic mutual fund assets)(Brief Article)
November 4, 2002... Domestic mutual fund assets dropped by 5.5% in September, according to the Investment Company Institute. The combined assets of the nation's mutual funds declined $329.2 billion, to $6.059 trillion, during the month. Stock funds had...

In Brief: City National Offers Giving Plan.(City National Bank begins California Community Foundation donation program)(Brief Article)
November 4, 2002... City National Bank said it has started a charitable giving program in conjunction with the California Community Foundation. The City National Donor Advised Giving Program offers people a way to achieve philanthropic goals, the bank said...

Managed Account Assets Fell in 3Q; Popularity Didn't.
November 4, 2002... Managed account assets fell in the third quarter, according to data released today, but industry analysts say this does not dim the product's growth prospects. Assets in separately managed accounts declined 5.6%, to $392.57 billion at...

In Brief: American Residential Narrows 3Q Loss.(American Residential Investment Trust Inc.)(Brief Article)
November 4, 2002... American Residential Investment Trust Inc., a real estate investment trust that operates a small lending and portfolio investment business, reported Friday that it reduced its third-quarter loss from a year earlier by 14.6%, to $3.5 million, or...

In Brief: Better Credit Score for 30-Year Pools.(fixed rate loan pools)(Brief Article)
November 4, 2002... The average Fair, Isaac & Co. credit score for all 30-year fixed-rate loan pools rose 4 points, to 735, in the third quarter while the average score for fixed-rate subprime pools rose 3 points, to 622, according to Standard & Poor's. The...

Fleet Installs IPS Software.(FleetBoston Financial, IPS of Boston)(Brief Article)
November 4, 2002... FleetBoston Financial Corp. has licensed software from IPS of Boston Inc., which sells corporate payment and check-fraud-avoidance products. The vendor said Wednesday that it had given Fleet a discount on its DoubleCheck software and plans...

In Brief: Amro Using WebTone Product.(ABN Amro North America Inc. licenses WebTone Technologies Inc.'s TouchPoint Sales Management software)(Brief Article)
November 4, 2002... ABN Amro North America Inc. has licensed WebTone Technologies Inc.'s TouchPoint Sales Management software. WebTone -- a 1997 spinoff of S1 Corp. that sells a line of online "customer care" software for the Internet, branch automation,...

In Brief: Bank of Internet Posts Profit.(3rd-quarter earnings)(Brief Article)
November 4, 2002... Bank of Internet USA had reported a profit of $666,824 for the third quarter. As of Sept. 30 the 27-month-old Internet-only bank, which says it has depositors in all 50 states, had nearly $232.4 million of assets. Bank of Internet said...

In Brief: Citizens, Alltel Renew Deal.(Citizens Trust Bank outsourcing deal with Alltel Corp.)(Brief Article)
November 4, 2002... Citizens Trust Bank of Atlanta has signed a five-year renewal of its outsourcing deal with Alltel Corp. The bank will continue to use Alltel's Horizon banking system for core account processing, its Integrated Platform Solutions for...

S1 Sees Better Future Targeting Midsize Banks.
November 4, 2002... S1 Corp., sensing that its opportunities with the largest banks may be tapped out, says it plans to begin pressing its case as an Internet software vendor to midsize banks, a market in which the Atlanta company lags. Executives at S1 said...

Correction.(Correction Notice)
November 4, 2002... In Friday's issue, a page 12 news brief mischaracterized a program through which Deluxe Corp. sells checks on behalf of banks. It does not station its own employees in bank branches. Copyright c 2002 Thomson Media. All Rights Reserved....

Korsmo Says He Sought Donation Data.(Federal Housing Finance Board Chairman John T. Korsmo acquired information about the political contributions of the bankers he regulates)
November 4, 2002... Federal Housing Finance Board Chairman John T. Korsmo, the subject of a congressional probe into possible fund-raising improprieties, admitted last week that he had acquired information about the political contributions of the bankers he...

H&R Block Halts Trading As Legal Fears Snowball.(H&R Block Inc. stock price falls over tax-refund litigation concersn)
November 4, 2002... Concerns about the burden of litigation involving tax-refund anticipation loans hurt H&R Block Inc. stock Friday, despite its contention that the cost, while "substantial," would not impact profits or the company's financial position. H&R...

In Brief: Analyst Solotar Leaving CS First Boston.(Brief Article)
November 4, 2002... Joan Solotar, a brokerage analyst at Credit Suisse First Boston Corp., confirmed Friday that she plans to leave the investment banking firm by yearend. Michael Hecht, an analyst covering specialty finance companies, will become the new...

In Brief: IDC of Mass. Acquires Meridien Research.(International Data Corp.)(Brief Article)
November 4, 2002... The research firm International Data Corp. is expected to announce today that it has acquired Meridien Research Inc., a Newton bank technology consulting firm. Meridien is expected to be the core of a new IDC subsidiary that will focus...

In Brief: Equifax Buys a Subcontractor's Database.(Brief Article)
November 4, 2002... Equifax Inc. has acquired the consumer credit database of CBC Cos. Inc., a Columbus, Ohio, supplier of credit reports, prescreened consumer lists, and employment screening and collection services, among other things. According to Equifax,...

UPS Exploits Delivery System To Make Loans.
November 5, 2002... Just over a year after buying a bank, United Parcel Service Capital Corp. is carving a niche for itself by making the kind of loans its competitors avoid. Case in point: In May it agreed to provide a revolving loan and a five-year term...

Financial Committee Veterans Sweating Out Their Reelections.
November 5, 2002... Today's elections threaten to end the congressional careers of some key Senate Banking and House Financial Services committee members. Three of the most vulnerable incumbents are banking policy veterans: Rep. Jim Leach, R-Iowa, Sen. Tim...

Sarbanes Or Shelby: It Matters.(ponders who will head the Senate Banking Committee)
November 5, 2002... The main question at stake for the financial services industry in today's congressional elections is who will lead the Senate Banking Committee next year. Though Democratic Chairman Paul Sarbanes of Maryland is not among the 34 senators...

TODAY'S NEWS.
November 5, 2002... Barclays Capital plans to hire for its New York office to build its fixed-income business. Page 3 Third-quarter results of thrifts will be among the industry's best ever, the OTS's director told community bankers. Page 3 WASHINGTON...

Two Deals Ignite the Rumor Mill In Chicago: Smaller area banks seen teaming up with midsize players.
November 5, 2002... Let the consolidation begin. With two deals announced in the last two business days, Chicago-area bankers are predicting that acquisition activity in what is widely viewed as the nation's most fragmented banking market is about to heat up....

In Brief: Gilleran: Critics Look At Wrong Numbers.(federal thrift charter, United States; Office of Thrift Supervision)(Brief Article)
November 5, 2002... Office of Thrift Supervision director James Gilleran defended the viability of the federal thrift charter and his agency at an industry conference Monday. He also said the agency is concerned about the ways thrifts may be using the capital...

Barclays Bolstering New York Work Force In Fixed-Income Push.(Barclays Capital)
November 5, 2002... Many Wall Street firms are axing staff by the thousands, but Barclays Capital plans to hire for its New York office and build its fixed-income business there. Already it has settled into new office space in midtown Manhattan. Many of the...

First Republic Investing To Add Private Bank Lines.
November 5, 2002... First Republic Bank in San Francisco has been pumping millions into expanding its private banking business, sacrificing current earnings growth in hopes of reaping a handsome payoff later. Over the past several years the $4.8 billion-asset...

Pa.'s Sun Set to Buy A Lease Brokerage.(Sun Bancorp Inc. to buy lease brokerage in Pennsylvania)(Brief Article)
November 5, 2002... Sun Bancorp Inc. is close to buying a local lease brokerage firm, Sun president and chief executive officer Robert J. McCormack said Friday. Mr. McCormack said the $949 million-asset company expects to complete the purchase this quarter,...

Ark. Mandates Director Training.(for state-chartered banks)(Brief Article)
November 5, 2002... Arkansas has become the first state to mandate training for directors at state-chartered banks. Arkansas Banking Commissioner Frank White last month told state bank directors that they must attend at least one educational session within...

Concord's Next CEO Looking Past PIN Schism.(Concord EFS Inc., chief executive; personal identification number, debate)
November 5, 2002... As the incoming chairman and chief executive officer of the transaction processor Concord EFS Inc., Edward A. Labry 3d is likely to be a lightning rod in the ongoing PIN vs. signature debit debate. His company, which owns the Star online...

Unicard Developed For the Unbanked.(UniCache Inc., Hypercom Corp. card payment terminals)(Brief Article)
November 5, 2002... UniCache Inc., a three-year-old company that sells alternative payment technologies, said Monday that it had selected terminals from Hypercom Corp. for a new money transfer alternative for Latin America that relies on stored value cards. ...

3Q Variable Sales No Problem for Hartford.(Hartford Life, variable annuity sales; 2002 third-quarter)
November 5, 2002... The variable annuity market could be up, it could be down, but in the end Hartford Life seems always to be on top. And that's where the Simsbury, Conn., company is expected to end up when all the numbers are tallied for the third quarter....

In Brief: Mellon Closes Deal For Ashland Assets.(Brief Article)
November 5, 2002... Mellon Financial Corp. said on Monday that it has completed the purchase of the separate accounts division of Ashland Management Inc., a New York growth-style investment manager. The deal, which was an-nounced Sept. 12, brought $566 million...

In Brief: AIM Fund Targets Growth of Capital.(Brief Article)
November 5, 2002... AIM Management Group's investment advisory unit has started an AIM Libra Fund that aims for long-term capital growth. The fund pursues that goal by investing in companies of varying sizes that have above-average growth in earnings or the...

In Brief: Administrative Chief For Key's Fund Unit.(Mark Summers appointed chief administrative officer at Victory Capital Management)(Brief Article)
November 5, 2002... Victory Capital Management, a unit of KeyCorp, has announced the naming of Mark Summers to succeed James Kacic as chief administrative officer. Mr. Summers is responsible for equity trading, technology operations, general administration,...

In Brief: Exchange-Traded Fund Assets Decline.(Brief Article)
November 5, 2002... Assets in exchanged-traded funds fell 9.87% in September, according to data from the Investment Company Institute. The combined assets of U.S. exchange-traded funds were $82.26 billion in September, the institute said on Oct. 28, down...

By Demand, Product Variations Are Going Beyond Plain Vanilla.
November 5, 2002... Wells Fargo Home Mortgage Inc. did something relatively rare for the mortgage industry last month: it launched a product. The Home Asset Management Account combines a first mortgage with a home equity line of credit. Part of the loan down...

It's Back to Banking 101 for the Web, CRM.
November 5, 2002... When the Bank Administration Institute's annual Retail Delivery Conference and Expo opens this morning in Atlanta, the crowd will probably hear a lot less about the Internet per se than it has in years past and a lot more about what Web...

Correction.(Correction Notice)
November 5, 2002... "Did OTS Send a Signal by Sidetracking BB&T Deal?" on page 1 of Friday's issue erred in attributing a quote of James Kane, of Vedder, Price, Kaufman & Kammholz, to a Mr. Vedder. Copyright c 2002 Thomson Media. All Rights Reserved....

In Brief: EDS, WesPay in Digital-Imaging Partnership.(Electronic Data Systems Corp.)(Brief Article)
November 5, 2002... Electronic Data Systems Corp. and the Western Payments Alliance said Monday that they will collaborate to help financial services companies use digital check images. The partnership, which will target the 1,000 companies in seven western...

In Brief: Paymentech Buys Scotiabank Payment Biz.(Brief Article)
November 5, 2002... Paymentech LP, the Dallas-based transaction processor and merchant acquirer, said Monday that it had bought Bank of Nova Scotia's merchant-acquiring and smart card point of sale business, which includes debit and credit card payment services...

How Customers Bank Today Key to Branch of Tomorrow.
November 5, 2002... Just a few years ago, a chorus of voices proclaimed that branch banking was old hat. Many bankers had mentally crossed branches off their list of things to worry about, convinced that most customers would eventually abandon them for more...

Integration Keeping Wachovia Service Exec Busy.(interview of Beth McCague, director of customer service excellence at Wachovia Corp.)(Interview)
November 5, 2002... First Union Corp.'s acquisition of the Philadelphia-based CoreStates Financial Corp. in 1998 was an eye-opener for the Charlotte banking company now known as Wachovia Corp. While integrating CoreStates, First Union made draconian cuts to...