March 15, 1999 |
Fleet Financial Group Inc. on Sunday agreed to buy BankBoston Corp., the nation's oldest bank, for $16 billion in stock, as both banks take action to survive in the rapidly consolidating financial services industry. The deal, which would create the eighth-largest U.S. bank, would strengthen Fleet's international and investment banking business and give BankBoston the muscle it needs to compete against bigger financial institutions.
January 15, 1999 |
Despite a weeklong sell-off in many stocks, U.S. banks are fairly well-positioned to withstand Brazil's unexpected currency devaluation, experts said Thursday. Banks aggressively reduced their lending and securities trading activity in Brazil throughout last year, amid growing concern about the Latin American nation's precarious economic condition. Though some losses are likely, they should be far smaller than those resulting from last year's surprise devaluation and debt default in Russia.
November 4, 1998
* BankBoston Corp. is cutting 37 jobs from Robertson Stephens, the San Francisco-based investment bank it acquired two months ago, the company said. Robertson Stephens has about 925 employees worldwide. The jobs cut were junior and mid-level staffers, most of them reportedly in San Francisco. BankBoston cited the slump in capital markets around the world.
June 5, 1998 |
BancAmerica Robertson Stephens & Co. said investment banking chief Misha Petkevich, 49, will leave once BankBoston Corp. completes its purchase of the San Francisco-based firm. In addition, Paul Sherer, 39, head of telecommunications investment banking, said he has not signed a contract to remain and is both talking with Robertson Stephens about a change of assignment and exploring outside prospects.
May 30, 1998 |
BankBoston Corp. will acquire BankAmerica Corp.'s securities unit, Robertson Stephens, for $800 million, the companies confirmed. San Francisco-based BankAmerica said it will keep the firm's money management and debt underwriting businesses. BankBoston would pay $400 million in cash and put $400 million in a pool to persuade the securities firm's partners and key employees to remain after the sale.
May 29, 1998 |
BankBoston Corp. is expected to announce an agreement to buy the San Francisco-based investment bank BancAmerica Robertson Stephens as soon as today, sources said. BankBoston would probably pay more than $700 million for Robertson Stephens, with the bulk going to BankAmerica Corp. and the rest to keep key employees after the sale.