American Banker articles from October 2005

American Banker archives from October 2005

Deposit Pricing Challenges.(banking industry)(Brief Article)
October 3, 2005... How are banks setting prices in reaction to the Fed's rate hikes? A recent survey of 24 banks suggests individual market dynamics are as much or more of a factor. The report pointed to Fifth Third, Sovereign, and TCF Financial as...

Regulators Make Deal On Basel II Timetable: 3-year phase-in will start in '08; delay is win for small banks.
October 3, 2005... WASHINGTON -- Having reached a hard-fought compromise, federal regulators said Friday that they would phase in the stalled Basel II capital accord, with final implementation to come in 2012. That would be two years later than the latest...

Aggressive Reaction to 'Passive' Bid.
October 3, 2005... Community banks typically welcome investments from other banks, but one small New Jersey bank's bid to buy a nearly 25% stake in a hometown rival has turned out to be anything but friendly. The $162 million-asset Penn Bancshares Inc. in...

Inevitable: Rising Price Tag For Banks' Data Security.
October 3, 2005... Even if Congress passes a data security law this year to replace the conflicting state laws, banks' compliance costs are likely to climb. A slew of new regulatory requirements will probably be implemented in the next year, and breaches can...

Citi Pulls Ahead Of B Of Syndication; Jpm Leads.
October 3, 2005... For the first time in 10 quarters, Citigroup Inc. edged out Bank of America Corp. for the No. 2 spot in the syndicated loan market, Citi captured 19.4% of the market, compared with B of A's 19.10%, according to data compiled by Thomson...

Executive Changes.
October 3, 2005... Midwest Northern Trust Corp. of Chicago has made Andrew Smith the chief investment officer of its Global Advisors division, which has $31.2 billion of assets under management. Mr. Smith, who joined the company in 2000, was the...

Washington People.
October 3, 2005... Rotation Talk about timing. Just as congressional interest in industrial loan companies intensified with the release of a government report questioning their regulation, former Comptroller of the Currency John D. Hawke Jr. joined the board...

OCC: Punish Commerce Exec.(Office of the Comptroller of the Currency)(Brief Article)
October 3, 2005... The Office of the Comptroller of the Currency has urged a federal judge to show no leniency to a former bank president embroiled in a corruption case with direct ties to Philadelphia City Hall. In an Aug. 23 letter, Jennifer C. Kelly, the...

In Brief: Lerner Firm, 2 Execs Incur Fines by NASD.(National Association of Securities Dealers fines David Lerner Associates Inc.)(Brief Article)
October 3, 2005... NASD announced Friday that it had fined David Lerner Associates Inc. in Syosset, N.Y., $115,000 for misleading marketing -- including radio advertising, client seminars, and other communications with the public. It also was ordered not to...

In Brief: Commerce Insurance Recruits a President.(Brief Article)
October 3, 2005... Commerce Bancorp Inc. announced Friday that it had hired Michael Tiagwad to be president of its Commerce Insurance Services subsidiary, the 22d-largest U.S. insurance broker. Mr. Tiagwad's role is to include exploiting the business and...

In Brief: Old Mutual Unit to Take Over Affiliate.(Barrow Hanley Mewhinney and Strauss Inc. )(Brief Article)
October 3, 2005... Old Mutual Asset Management, a U.S. subsidiary of Old Mutual PLC in London, said Friday that its unit Barrow, Hanley, Mewhinney & Strauss Inc. will take leadership of a sister company, Pacific Financial Research Inc., after the planned...

Banks Reconsider Electronic Data Delivery.
October 3, 2005... Banks have long archived data by using couriers to haul backup tapes to long-term-storage facilities, but transmitting the information electronically is becoming more affordable -- and, bankers say, necessary. Ken Rubin, the senior vice...

The Score in the Fed Rate Match Game.
October 3, 2005... Reacting to the Federal Reserve's interest rate moves is a delicate balancing act for banks; if they raise deposit rates quickly and in tandem with the Fed, they shave off net interest margin, and if they lag too far they lose their competitive...

AmSouth, Huntington Rated 'Sell'.(AmSouth Bancorp. and Huntington Bancshares Inc.)
October 3, 2005... A Merrill Lynch & Co. analyst downgraded shares of AmSouth Bancorp. and Huntington Bancshares Inc. to "sell" on Friday, saying AmSouth's earnings will be flat next year and Huntington's will fall. She had rated them "neutral." ...

Bankrate Adopts Per-Click Pricing for Online Tables.
October 3, 2005... Bankrate Inc. will announce today that it has changed the pricing structure for the roughly 400 financial services companies that use its online rate tables to acquire customers. Instead of a monthly fee, marketers such as mortgage and auto...

OCC Reports Steep Drop in Derivative Trading Revenue.(Office of the Comptroller of the Currency)
October 3, 2005... Revenue earned by U.S. commercial banks on derivative trading plummeted in the second quarter as investor confidence about the direction of short-term interest rates grew, the Office of the Comptroller of the Currency reported Friday. ...

Bimini Mortgage Has Merger Deal with Opteum Financial.(Bimini Mortgage Management Inc. and Opteum Financial Services LLC)(Brief Article)
October 3, 2005... Bimini Mortgage Management Inc. and Opteum Financial Services LLC have agreed to merge. Bimini is a publicly traded Vero Beach, Fla., real estate investment trust that has invested primarily in agency residential mortgage securities. It...

In Brief: Buyback Boost for First Marblehead Stock.(First Marblehead Corp. )(Brief Article)
October 3, 2005... Shares of First Marblehead Corp., a Boston outsourcer of student loan services, surged Friday, a day after it announced a stock buyback. On Thursday the board said that it had authorized the repurchase of 5 million shares, and that 1.5...

Where'll BB&T Buy? Report Says Florida.
October 3, 2005... As BB&T Corp.'s self-imposed three-year moratorium on buying large banks draws to a close, more analysts are speculating about what the Winston-Salem, N.C., company will buy. A Friedman, Billings, Ramsey & Co. Inc. analyst thinks the $106...

Upbeat on Bank of Hawaii Despite Action from SEC.
October 3, 2005... Bank of Hawaii Corp. shares fell Friday following its announcement that the Securities and Exchange Commission was considering civil action against the company, its asset management/fund unit, and four former and current executives. The...

Metavante: Tax Processor Deal A NYCE Play.(Company Profile)
October 4, 2005... Metavante Corp. said its deal to purchase the government payment processor Link2Gov Corp. is aimed at pulling a share of the growing volume of card-based payments onto its NYCE debit network. Link2Gov, of Nashville, processes payments for a...

A Pinnacle Milestone, a Decade Early.(Company Profile)
October 4, 2005... Pinnacle Financial Partners Inc. of Nashville, the fastest-growing bank in Tennessee, announced its first acquisition deal Monday -- an agreement to buy Cavalry Bancorp Inc. of Murfreesboro, Tenn., for $175 million. Cavalry's $605 million...

CUNA Opens A New Front Vs. Simmons.(Company Profile)
October 4, 2005... The Credit Union National Association, in a move it openly acknowledges is payback, has come out in opposition to Zions Bancorp.'s acquisition of Amegy Bancorp. Harris H. Simmons, Zions' chairman and chief executive, is one of the credit...

House Data Bill to Have Dual System For Notices.
October 4, 2005... WASHINGTON -- A key House panel is poised to consider forcing banks to tell consumers whether a data breach was likely to cause transaction fraud or identity theft. Under a bill expected to be introduced this month, businesses that lost...

Automating the Report Card.(Brief Article)
October 4, 2005... Banks are dealing with more regulations than ever before, and examiners are insisting that they document their compliance procedures. They also want to be sure employees are being properly trained in the new regulations, which is where learning...

Gauging Potential Effects Of Storms on Regionals.(Industry Overview)
October 4, 2005... Investors are prepared to hear that the yield curve, credit costs, and competition on commercial loan pricing took a toll on regional banks' third-quarter earnings, but the wild card will be the near- and long-term implications of Hurricanes...

In Brief: Bill Would Make FTC Review Interchange.(Federal Trade Commission )(Brief Article)
October 4, 2005... An amendment added to a House Energy Committee bill last week would require the Federal Trade Commission to study credit card interchange fees. Card companies charge retailers the fees for processing. Sources say some financial industry...

In Brief: More Kinds of Bills for Credit Histories.(National Credit Reporting Association)(Brief Article)
October 4, 2005... The National Credit Reporting Association, which represents consumer reporting agencies, announced an effort Monday to include nontraditional data in consumers' credit histories. It said it had partnered with PRBC (formerly Pay Rent, Build...

Preemption Reversal Sought.
October 4, 2005... Connecticut Attorney General Richard Blumenthal has petitioned the Supreme Court to overturn a recent appeals court decision that said national banks' operating subsidiaries need not follow local and state consumer protection laws. But...

In Retail M&A, a Shift To Complementarity.(Industry Overview)
October 4, 2005... M&A activity in the U.S. banking market is down this year, and a number of deals illustrate a distinct shift from the megamerger wave of the late 1990s and early 2000s. These deals include Bank of America-MBNA, Capital One-Hibernia,...

Bank Holding Companies with the Most Employees: Full-time equivalent, on March 31, 2005. Dollars in thousands*.(Directory)(Industry Overview)
October 4, 2005... (part 1 of 2) 1 Citigroup Inc. New York 2 Bank of America Corp. Charlotte 3 JPMorgan Chase & Co. New York 4 Wells Fargo & Co. San Francisco 5 Wachovia Corp. Charlotte 6 MetLife Inc....

U.S. Banking Companies with Highest Multiples of Net to Salary, Benefits: On March 31, 2005. Dollars in thousands*.(Directory)(Industry Overview)
October 4, 2005... (part 1 of 2) 1 Elgin Bancshares Inc. Ill. 2 Dairyland Bank Holding Corp. La Crosse, Wis. 3 Amboy Bancorp. Old Bridge, N.J. 4 First Financial Holdings MHC Renton, Wash. 5 W Holding Co. Inc....

Editor's Note.(Editorial)
October 4, 2005... In Friday's paper, a story on page 18, "Mixed Signals on Fannie Mae's Capital Position," discussed the market's reaction to a Dow Jones report that new accounting irregularities were discovered at Fannie Mae. Some market analysts, and a passage...

Freddie Offers Tool for Housing Counselors.(Loan Prospector Outreach system )(Company Profile)(Product/Service Evaluation)
October 4, 2005... Freddie Mac is offering more broadly a tool for housing counselors to assess whether would-be homebuyers qualify for conforming loans. Tricia McClung, Freddie's vice president of housing and community investment, said in an interview that,...

In Brief: 3 Firms: $3M of Fines for Market Timing.(Brief Article)
October 4, 2005... NASD said Monday that it had imposed more than $3 million of fines on ING Funds Distributor, Janney Montgomery Scott LLC, and First Allied Securities Inc. for allowing market-timed trading of their funds in 2000-2003. The securities...

In Brief: Bank of N.Y. in NYLIM Pension Alliance.(Brief Article)
October 4, 2005... Bank of New York announced a marketing alliance Monday with the retirement plan services division of New York Life Investment Management LLC to let the banking company offer bundled pension services to its midsize and large plan-sponsor...

Annuity Compliance Aid Sought.
October 4, 2005... Amid heightened scrutiny from regulators, banks are intensifying their focus on the compliance issues raised by variable annuity sales, according to industry watchers, and some are looking to third-party marketing firms to help make sure their...

In Brief: Credit Union Switching to Corillian Software.(North Island Financial Credit Union )(Brief Article)
October 4, 2005... North Island Financial Credit Union of San Diego plans to switch to Corillian Corp. online banking software to serve Hispanic customers better. The software, for consumer and business banking, can show account information in English and...

In Brief: SimCorp Investment Package for Wachovia.(SimCorp Dimension )(Brief Article)
October 4, 2005... Wachovia Corp. is replacing some of its investment management software with a package from SimCorp of Copenhagen. SimCorp Dimension is being tested now and should be fully installed by the end of October, said John E. Vidlak, a senior vice...

Correction.(Correction Notice)
October 4, 2005... In the Sept. 28 paper, a page 9 news brief, "ABIA Elects National City Exec as President," misstated the job Thomas J. Cook held before joining Nat City. He was the president and CEO of Acordia of Northeast Ohio, not Acordia Inc. (c) 2005...

In Brief: Wamu Buys Providian; Mailing Planned.(Washington Mutual Inc. acquires credit card issuer Providian Financial Corp.)(Brief Article)(Company Profile)
October 4, 2005... Washington Mutual Inc. has acquired the San Francisco credit card issuer Providian Financial Corp. and will launch a direct-mail card marketing campaign this month. The $6.1 billion acquisition closed Saturday, as expected, Wamu said...

In Brief: Fitch: Huntington's Prospects Improving.(Huntington Bancshares Inc.)(Brief Article)(Company Profile)
October 4, 2005... Fitch Inc. upgraded its outlook for Huntington Bancshares Inc. to "stable," from "negative," to reflect the Columbus, Ohio, company's "sound financial performance and consistent earnings generation." Huntington's net interest margin has...

Puerto Rico Market Seen Heading for Consolidation.(Company Profile)
October 4, 2005... The latest executive reshuffle in Puerto Rico's troubled banking industry suggests that it is ripe for consolidation, analysts said. On Friday, First BanCorp became the third San Juan banking company in recent months to announce a...

Editor's Note.(Editorial)
October 4, 2005... Banks are dealing with more rules and regulations than ever before, and examiners want documentation of adequate anti-money-laundering, corporate- governance, and other compliance procedures. They also want to know that employees are learning...

Perspective/By William M. Isaac.
October 4, 2005... Harsh Approach to Regulation Is Backfiring I've been following with great interest the brouhaha over whether the acting comptroller of the currency went soft on Wells Fargo & Co.'s alleged failure to install adequate...

BankWest Puts Marketing in Motion - at 50 M.P.H.(Company Profile)
October 4, 2005... There are advertising vehicles, and then there are advertising vehicles. The centerpiece of BankWest of Nevada's newest marketing campaign is a 134- foot monorail train that travels a 4-mile loop between Las Vegas casinos at speeds of up...

Beyond Shuffleboard: Retired Banking Pros for Hire.(Network of Retired Bank Executives and Regulators)(Product/Service Evaluation)
October 4, 2005... Bank consultant Bob McComas thinks he has just the solution for a southeastern bank recently hit with a cease-and-desist order by the Office of the Comptroller of the Currency: Hire a retired assistant district director at the Federal Deposit...

Worth the Trouble? Bankers Split on Basel IA.(Industry Overview)
October 4, 2005... Most community bankers say proposed new capital standards for large banks would put small ones at a disadvantage. But many doubt that new standards for small banks are the answer. For several years regulators have plodded toward revision...

Matching Small Banks with Large Muni Deposits.(Finistar Inc. deposit-brokering service, )(Company Profile)(Product/Service Evaluation)
October 4, 2005... To executives at the $82 million-asset Sound Bank in Morehead City, N.C., a deposit-brokering service offered by a relatively new company called Finistar Inc. sounded too good to be true. Finistar, of Edenton, was promising to deliver large...

Computerized Help to Prove You're Training.
October 4, 2005... Regulators have long made banks keep track of how they train employees, but have gotten serious about it only recently. Federal guidelines released in June detailed comprehensively for the first time just what banks must do to comply with...

Wal-Mart's Financial Vision: In Payments: Spotlight on An ILC's Role.
October 5, 2005... Wal-Mart Stores Inc.'s aspirations in payments have inspired far less rancor among bankers than its ambitions in retail financial services. But its current banking-charter application -- a pure play in payments -- has changed all that. ...

Wal-Mart's Financial Vision: In Retail: Focus on Unbanked, Partnerships, Home Grown ATMs.
October 5, 2005... The application by Wal-Mart Stores Inc. to get a limited banking charter has caused a lot of anxiety in the financial services world largely because many still wonder how far the retail giant would go in exercising those powers. It may or...

Mellon CEO Hunt Sparks Buzz, and A Response.
October 5, 2005... When Mellon Financial Corp. announced last month that it had retained an executive search firm to identify an eventual successor to chief executive Martin G. McGuinn, Wall Street began speculating about why. Among the more tantalizing...

Ruling Against Calif. Law.
October 5, 2005... A federal judge ruled in favor of the ABA and overturned a portion of SB1, the state law governing the sharing of information among affiliates. Story on back of page (c) 2005 American Banker and SourceMedia, Inc. All rights reserved....

Executive Changes.
October 5, 2005... Middle Atlantic U.S. Trust Corp., a New York unit of Charles Schwab Corp., has made Timothy J. Leach the head of its western region. Mr. Leach had been the chief investment officer of U.S. Trust since joining it last year from Wells...

Conference Shows Consumer Issues Same the World Over.(International Retail Banking Forum)
October 5, 2005... LONDON -- Bankers around the world dress about the same. At least, that's the way it looked at a conference held here last week. Dark suits, white shirts, and conservative ties were in full force at the International Retail Banking Forum,...

FDIC Report: StrongGrowth Nationwide, But Problems Loom.
October 5, 2005... WASHINGTON -- Buoyed by strong labor, credit, and residential real estate conditions, banks in the West, Northeast, and parts of the South reported strong asset growth and performance, though conditions were less favorable in the Midwest, the...

Search for Next Fed Chief On.(Federal Reserve Board)(Brief Article)
October 5, 2005... The search to find a potential successor for Federal Reserve Board Chairman Alan Greenspan is "ongoing," President Bush said Tuesday at a press conference. Mr. Greenspan, who has led the Fed for 18 years, is expected to step down by Jan....

In Brief: It's Official: Cards Faster than Checks.
October 5, 2005... How much faster is using a credit or debit card than paying by check? More than twice as fast, according to a study Visa U.S.A. Inc. released Tuesday. National Market Measures LLC of Cleveland watched 373 consumers in checkout lines at...

First Citizens Wealth Chief Seeking Lucrative Niches.
October 5, 2005... First Citizens Bancshares Inc.'s new head of wealth management services says her unit will grow by exploiting niche markets within the Raleigh, N.C., company's footprint and that of its fast-expanding IronStone Bank subsidiary. Carol...

In Brief: Great-West Unit Plans a Wellness Program.(Brief Article)
October 5, 2005... Great-West Healthcare, the Greenwood Village, Colo., health insurance division of Great-West Life and Annuity Insurance Co., announced Tuesday its plan to introduce a consumer-driven wellness program on Nov. 1 to help people change unhealthy...

In Brief: Amvescap Finance Chief an Ex-Janus CFO.(Loren M. Starr)
October 5, 2005... Amvescap PLC said Tuesday that it had hired a former Janus Capital Group executive to be its chief financial officer. Loren M. Starr was appointed a senior vice president and the chief financial officer, succeeding as CFO James I. Robertson...

In Brief: Jefferson Pilot Universal, Term Life Policies.(Brief Article)
October 5, 2005... Jefferson Pilot Financial, a Greensboro, N.C., subsidiary of Jefferson-Pilot Corp., said Tuesday that it had introduced universal life and term life insurance products. The products -- JPF Advantage Solutions and JPF Advantage FlexTerm --...

In Brief: Philly's Sovereign Bank to Offer HSA Plan.(health savings account)(Brief Article)
October 5, 2005... Sovereign Bank has announced a plan to offer a health savings account product that the Philadelphia bank says it will market to employers and their employees, insurance companies, and third-party administrators. Participants in Sovereign's...

Ownit Touting The Benefits of Stake Sale To Merrill.(Ownit Mortgage Solutions Inc.)
October 5, 2005... Ownit Mortgage Solutions Inc. says it found a way to deal with the nonprime mortgage market's current challenges while avoiding the hurdles that bank-owned and public nonprime lenders face: a deep-pocketed Wall Street investor. The Agoura...

In Brief: SunTrust: Accredited Good But Vulnerable.(Accredited Home Lenders Holding Co.)(Brief Article)
October 5, 2005... Carl Drake, a SunTrust Robinson Humphrey analyst, initiated coverage of the San Diego lender Accredited Home Lenders Holding Co. with a "neutral" rating. In a report released last week, Mr. Drake called Accredited "one of the best...

In Brief: MortgageIT Reports Record 3Q Volume.(Brief Article)
October 5, 2005... The New York real estate investment trust MortgageIT Holdings Inc. said it funded a record $9.25 billion of loans in the third quarter, nearly triple the volume a year earlier. The volume was well in excess of the guidance of $7 billion...

In Brief: Irwin to Post Profit From Mortgage Line.(Irwin Financial Corp.)(Brief Article)
October 5, 2005... Irwin Financial Corp. said it expects to report its mortgage banking operations "meaningfully returned to profitability" in the third quarter. The Columbus, Ind., mortgage banker and small-business lender also said Tuesday that the...

Next Step for Imaging: Scanning Checks at ATMs.
October 5, 2005... Banks are slowly starting to install check-imaging technology in automated teller machines. Many banks already send images from branches and remote corporate customer sites to processing centers, so the ATM is one of the final frontiers...

In Brief: Court Nominee Has History with GSEs.(Harriet Miers)(government-sponsored enterprises)(Brief Article)
October 5, 2005... White House Counsel Harriet Miers, President Bush's nominee for the Supreme Court, has never been a judge, but she does have some experience in financial services. In her time at the White House she has worked on efforts to revamp the...

In Brief: Remote Capture Service from Mellon.(Brief Article)
October 5, 2005... Mellon Financial Corp., which had been pilot testing a remote check-capture service with six Pittsburgh customers since late last year, is now offering the service nationwide, it said Monday. The service lets customers convert checks into...

Calif. Affiliate-Sharing Curb Shot Down.
October 5, 2005... WASHINGTON -- A federal district court overturned on Tuesday the part of the California financial privacy law that governs the sharing of information among affiliates. That part conflicts with federal law, the judge ruled. The ruling,...

Correction.(Correction Notice)
October 5, 2005... In the Oct. 4 paper, the chart on page 8, "Bank Holding Companies with the Most Employees," omitted M&T Bank Corp. It should have been listed in 23d place, with 12,595 employees. A corrected version of the chart is posted on...

In Brief: Lower Expectations Hit BankAtlantic Stock.(Brief Article)
October 5, 2005... BankAtlantic Bancorp Inc.'s stock fell sharply Tuesday after the Fort Lauderdale, Fla., company hinted that its third-quarter earnings might not meet analysts' expectations. Its costs rose as it increased spending on marketing and extended...

In Brief: Publix Sues Visa, MC on Interchange.(Brief Article)
October 5, 2005... Publix Super Markets Inc. of Lakeland, Fla., has filed a federal antitrust lawsuit against Visa U.S.A. and MasterCard International claiming that the fees they set for banks to charge merchants are unfair. "In a time when more than 60% of...

In Brief: ABA Seeks Mercy for Storm-Hit Banks.
October 5, 2005... The American Bankers Association asked the Public Company Accounting Oversight Board to urge auditors to go easy on companies affected by Hurricanes Katrina and Rita when reviewing their internal controls. In a letter dated Tuesday to...

In Brief: Sky of Ohio Acquires Pair of Companies.(Sky Financial Group)(Becker-McDowell Agency)(Steiner Insurance Agency Inc.)(Brief Article)
October 5, 2005... Sky Financial Group Inc. of Bowling Green, Ohio, has bought two Wooster companies: the employee-benefits firm Becker-McDowell Agency Inc. and Steiner Insurance Agency Inc. Both acquisitions were announced Tuesday and have been closed. The...

BancorpSouth Planning A $9M Hurricane Charge.
October 5, 2005... BancorpSouth Inc. of Tupelo, Miss., joined the list of banking companies to quantify the effects of the recent hurricanes on its third-quarter earnings. The $10.8 billion-asset company said Monday that it expects to record an after-tax...

Fair Isaac, FBI & Team: ID Theft Is The Target.
October 6, 2005... With identity theft on the rise and law enforcement agencies strapped for time and money, government and businesses are looking for solutions that pool their resources. Fair Isaac Corp. and the Federal Bureau of Investigation have proposed...

Powell Tries Again on State-Bank Preemption.(Don Powell)
October 6, 2005... WASHINGTON -- A vote at the Federal Deposit Insurance Corp. meeting today presents a rare cliff-hanger as Chairman Don Powell tries to push forward a proposal granting state-chartered banks some of the exemptions from state consumer laws that...

Backlash on Basel Hits Fed-- What Now?
October 6, 2005... After seven years, three quarterbacks, and countless studies, the Federal Reserve Board has fumbled the political football that is Basel II. Though the new capital standard is still expected to eventually be adopted, the central bank's...

Occasio Alum Takes Post At Wachovia.(Karen Curtin)
October 6, 2005... Wachovia Corp.'s creation of a position to oversee its branch network is partly a response to increased competition for attractive locations as well as a bid to attract customers, a top executive said. The Charlotte company said Wednesday...

In Brief: Wachovia to Close an Emerging-Market Unit.(Brief Article)
October 6, 2005... Wachovia Corp. said it will close on Friday a securities group in New York that buys and sells emerging-markets debt. The operation handles fixed-income sales and trading. Fifteen employees, including traders, salespeople, and others, will...

In Brief: B of A Hires Investment-Grade Chief.(Bank of America Corp.)(Brief Article)
October 6, 2005... Bank of America Corp. has hired a Goldman Sachs & Co. investment banker as its head of investment-grade debt capital markets. Alastair Borthwick worked in Goldman's investment banking division management group. He joined Banc of...