BankAmerica plans more job cutsBankAmerica Corp., faced...

BUSINESS DIGEST

October 23, 1993

BankAmerica plans more job cuts

BankAmerica Corp., faced with a slow economy in California and flat earnings, plans to eliminate up to 3,750 extra jobs after already slashing 20,000 positions in its merger with Security Pacific Corp.

9,000 to lose jobs at SEAT plant

Volkswagen AG's SEAT Spanish subsidiary will dismiss 9,000 of its 23,000 workers, Spain's state radio reported.

Peter Walzer, chairman of SEAT, said at a news conference that Volkswagen wants to convert SEAT's plant at Zona Franca in Barcelona into a technology park for makers of auto parts, Radio Nacional de Espana reported.

Federated settles lawsuit

Federated Department Stores Inc. yesterday settled a lawsuit that could have prevented one of its top executives from joining R.H. Macy & Co. Inc.

Federated sued in August to prevent Roger Farah from becoming president and chief operating officer of Macy, its largest direct competitor.

Mr. Farah is chairman of Federated's New York-based merchandising division. Federated said it feared that Mr. Farah would divulge trade secrets to Macy.

Signet, Crestar raise dividends

Two Richmond-based bank-holding companies announced increases in their quarterly dividends yesterday.

Signet Banking Corp. said its was raising the quarterly payout by 5 cents a share, or 25 percent. The new cash dividend of 25 cents will be payable on Nov. 24 to shareholders of record on Nov. 3.

Crestar Financial Corp. raised its dividend 18 percent, to 33 cents a share. It is payable Nov. 19 to shareholders of record on Nov. 1.

ATF to lease Howard St. offices

The U.S. Government has leased 32,000 square feet of office space on Howard Street to house the local office of the Bureau of Alcohol, Tobacco and Firearms.

ATF will use space in the Rombro Building at 22-24 N. Howard St. to house 126 workers now split between the Fallon federal building on Lombard Street and the Appraisal Store building on Gay Street. The agency will move after building renovations are completed within eight months.

Baltimore group wins grant

Women Entrepreneurs of Baltimore Inc. announced yesterday that it had been awarded a federal grant of nearly $500,000 to train and support economically disadvantaged women with viable business ideas.

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