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By Knight-Ridder News Service | March 30, 1995
CHARLOTTE, N.C. -- NationsBank Corp.'s Hugh McColl Jr. was the most highly compensated banker among the nation's top 20 banking companies last year.Mr. McColl, 59, chairman and chief executive of the country's fourth-biggest bank, received $13.9 million in pay, bonus, restricted stock and other compensation last year.That's three times the total compensation paid to the chief executive of Citicorp, the country's biggest bank, and nearly four times that paid to the CEOs of the country's No. 2 and No. 3 banks, BankAmerica Corp.
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BUSINESS
By BLOOMBERG NEWS | March 18, 1998
NEW YORK -- Chase Manhattan Corp., the biggest U.S. bank, said yesterday that it will cut 4,500 jobs, or 6.5 percent of its staff, to reduce costs and invest in more profitable businesses.The bank will take a $320 million charge in the first quarter to pay for the cuts -- its second round of firings since the 1996 merger of Chase and Chemical Banking Corp. Chase expects to save $460 million annually.Chase will fire about 2,200 employees, said President Thomas Labrecque. The rest of the cuts will come from leaving vacant positions unfilled.
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BUSINESS
By Andrew Leckey | October 10, 1990
Once more, with feeling. Because they botched the nation's savings and loan situation big-time, everybody in Washington is now shaking a fist at the banking industry to try to show belated toughness. On a given day, it's a case of which agency or congressman can come up with the scariest estimates of impending banking doom. There are indeed significant problems which must be worked out, their solutions likely to cost all of us plenty, yet this destructive posturing has left the average saver quaking in his pocketbook.
BUSINESS
By Knight-Ridder News Service | March 30, 1995
CHARLOTTE, N.C. -- NationsBank Corp.'s Hugh McColl Jr. was the most highly compensated banker among the nation's top 20 banking companies last year.Mr. McColl, 59, chairman and chief executive of the country's fourth-biggest bank, received $13.9 million in pay, bonus, restricted stock and other compensation last year.That's three times the total compensation paid to the chief executive of Citicorp, the country's biggest bank, and nearly four times that paid to the CEOs of the country's No. 2 and No. 3 banks, BankAmerica Corp.
BUSINESS
By David Conn and David Conn,Staff Writer | January 19, 1994
An article and headline in yesterday's Business section incorrectly stated the percentage increase in NationsBank Corp.'s 1993 earnings. The company's annual earnings rose 31 percent compared with 1992, while its fourth-quarter earnings increased 59 percent compared with the year-earlier period.The Sun regrets the errors.Lower interest rates, the improving health of commercial borrowers and a slowly growing appetite for bank loans turned 1993 into a record year of profits for NationsBank Corp.
BUSINESS
By David R. Francis and David R. Francis,Christian Science Monitor | August 14, 1991
Later this decade the name "BankAmerica" may not be an exaggeration.The San Francisco-based bank could well have branches in nearly every state in the country, instead of in just nine Western states as at present.BankAmerica Corp. will have competition nationwide. Steven Felgren, a finance professor at Northeastern University here, forecasts that "in several years" there will be five to 10 "national banks" with branches in most states.By law, most commercial banks can have deposit-taking branches only in a single state or region.
BUSINESS
By New York Times News Service | August 18, 1992
DETROIT -- With only one of 152 banks still declining to sign a $6.8 billion loan agreement, Chrysler Corp. appeared to be very close yesterday to wrapping up the arrangement, which is crucial to its revitalization.An executive with the automaker, who spoke on condition of anonymity, declined to identify the lone holdout bank.In recent weeks, Chrysler solicited the help of Alan Greenspan, chairman of the Federal Reserve, to persuade German central bankers to use their influence on German banks that were holding out.All of the banks belong to a consortium that has been lending to Chrysler for about four years.
BUSINESS
By BLOOMBERG NEWS | March 18, 1998
NEW YORK -- Chase Manhattan Corp., the biggest U.S. bank, said yesterday that it will cut 4,500 jobs, or 6.5 percent of its staff, to reduce costs and invest in more profitable businesses.The bank will take a $320 million charge in the first quarter to pay for the cuts -- its second round of firings since the 1996 merger of Chase and Chemical Banking Corp. Chase expects to save $460 million annually.Chase will fire about 2,200 employees, said President Thomas Labrecque. The rest of the cuts will come from leaving vacant positions unfilled.
BUSINESS
By Bloomberg Business News | May 19, 1994
NEW YORK -- U.S. stocks rose yesterday as technology shares and issues sensitive to interest rates rallied despite lingering concern about a weak dollar."
BUSINESS
By Knight-Ridder | July 22, 1991
NCNB Corp. will buy C&S/Sovran Corp., forming the nation's third biggest bank, in a transaction valued at $4.2 billion.The two banks plan to announce details of the buyout today in news conferences in New York in the morning and Charlotte, N.C., and Atlanta in the afternoon.Bennett Brown, now chairman of C&S/Sovran, will become chairman of NCNB, which will be renamed NationsBank, sources say. Hugh McColl Jr., now NCNB chairman, will be chief executive and replace Brown, 62, who planned to retire from C&S/Sovran within the next year.
BUSINESS
By Bloomberg Business News | May 19, 1994
NEW YORK -- U.S. stocks rose yesterday as technology shares and issues sensitive to interest rates rallied despite lingering concern about a weak dollar."
BUSINESS
By David Conn and David Conn,Staff Writer | January 19, 1994
An article and headline in yesterday's Business section incorrectly stated the percentage increase in NationsBank Corp.'s 1993 earnings. The company's annual earnings rose 31 percent compared with 1992, while its fourth-quarter earnings increased 59 percent compared with the year-earlier period.The Sun regrets the errors.Lower interest rates, the improving health of commercial borrowers and a slowly growing appetite for bank loans turned 1993 into a record year of profits for NationsBank Corp.
BUSINESS
By New York Times News Service | August 18, 1992
DETROIT -- With only one of 152 banks still declining to sign a $6.8 billion loan agreement, Chrysler Corp. appeared to be very close yesterday to wrapping up the arrangement, which is crucial to its revitalization.An executive with the automaker, who spoke on condition of anonymity, declined to identify the lone holdout bank.In recent weeks, Chrysler solicited the help of Alan Greenspan, chairman of the Federal Reserve, to persuade German central bankers to use their influence on German banks that were holding out.All of the banks belong to a consortium that has been lending to Chrysler for about four years.
NEWS
By Peter H. Frank and Peter H. Frank,The Federal Financial Institutions Examination Council | October 22, 1991
Blacks are more than twice as likely as whites to be rejected for home mortgages nationwide, and the ratio is more than 3-to-1 some cities, according to a study released yesterday by federal banking regulators.Even poorer whites have an easier time obtaining a conventional home mortgage than the wealthiest blacks, according to the much-awaited report from the Federal Reserve in Washington."I find the differences to be very worrisome," Fed Governor John LaWare said. He said the report "raises some serious concerns."
BUSINESS
By David R. Francis and David R. Francis,Christian Science Monitor | August 14, 1991
Later this decade the name "BankAmerica" may not be an exaggeration.The San Francisco-based bank could well have branches in nearly every state in the country, instead of in just nine Western states as at present.BankAmerica Corp. will have competition nationwide. Steven Felgren, a finance professor at Northeastern University here, forecasts that "in several years" there will be five to 10 "national banks" with branches in most states.By law, most commercial banks can have deposit-taking branches only in a single state or region.
BUSINESS
By Knight-Ridder | July 22, 1991
NCNB Corp. will buy C&S/Sovran Corp., forming the nation's third biggest bank, in a transaction valued at $4.2 billion.The two banks plan to announce details of the buyout today in news conferences in New York in the morning and Charlotte, N.C., and Atlanta in the afternoon.Bennett Brown, now chairman of C&S/Sovran, will become chairman of NCNB, which will be renamed NationsBank, sources say. Hugh McColl Jr., now NCNB chairman, will be chief executive and replace Brown, 62, who planned to retire from C&S/Sovran within the next year.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | July 16, 1991
NEW YORK -- After years of informal talks and months of intense negotiations, Chemical Banking Corp. and Manufacturers Hanover Corp. announced yesterday a record-breaking $2 billion merger that will produce the second-largest bank in the nation.The deal also will throw 6,200 employees, from a combined 45,000-person payroll, into the inundated New York market of unemployed bankers and prompt an unprecedented consolidation of systems, branches and client relationships in an effort to pare $650 million in annual costs within three years.
NEWS
By Peter H. Frank and Peter H. Frank,The Federal Financial Institutions Examination Council | October 22, 1991
Blacks are more than twice as likely as whites to be rejected for home mortgages nationwide, and the ratio is more than 3-to-1 some cities, according to a study released yesterday by federal banking regulators.Even poorer whites have an easier time obtaining a conventional home mortgage than the wealthiest blacks, according to the much-awaited report from the Federal Reserve in Washington."I find the differences to be very worrisome," Fed Governor John LaWare said. He said the report "raises some serious concerns."
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | July 16, 1991
NEW YORK -- After years of informal talks and months of intense negotiations, Chemical Banking Corp. and Manufacturers Hanover Corp. announced yesterday a record-breaking $2 billion merger that will produce the second-largest bank in the nation.The deal also will throw 6,200 employees, from a combined 45,000-person payroll, into the inundated New York market of unemployed bankers and prompt an unprecedented consolidation of systems, branches and client relationships in an effort to pare $650 million in annual costs within three years.
BUSINESS
By Andrew Leckey | October 10, 1990
Once more, with feeling. Because they botched the nation's savings and loan situation big-time, everybody in Washington is now shaking a fist at the banking industry to try to show belated toughness. On a given day, it's a case of which agency or congressman can come up with the scariest estimates of impending banking doom. There are indeed significant problems which must be worked out, their solutions likely to cost all of us plenty, yet this destructive posturing has left the average saver quaking in his pocketbook.
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