September 11, 1998 |
BancBoston Robertson Stephens is close to reaching a separation agreement with Sanford Robertson under which the man who founded the firm 20 years ago would agree not to compete in investment banking for an undisclosed period, sources familiar with the matter said. The agreement, which could be signed by today, would provide Robertson, 67, an unspecified payment and allow him to form a venture capital or money management firm, the sources said.
October 8, 1997 |
The U.S. Treasury Department will pay bills using an experimental Internet payment system developed by a group of North American banks, according to BankBoston Corp., which is expected to announce the test today. BankBoston and NationsBank Corp., members of the Financial Services Technology Consortium, will unveil plans for a test involving the Treasury, the Defense Department and 50 military contractors starting by the end of the year.
June 2, 1998 |
BankAmerica Corp. put its Robertson Stephens Investment Management mutual funds unit up for sale less than a week after agreeing to sell its investment banking unit, people familiar with the situation said. BankAmerica hired Putnam, Lovell, de Guardiola & Thornton Inc. to help find a buyer for the Robertson Stephens money-management business, they said. Robertson Stephens Investment Management has 12 mutual funds with more than $5.6 billion of assets.
August 13, 1999 |
EOffering Inc.'s research director, Gary R. Craft, has left the Newport Beach online investment bank for personal reasons after less than four months. Craft, 40, didn't elaborate Thursday on why he quit EOffering, which is 28%-owned by ETrade Group Inc., the No. 2 Internet brokerage. He joined EOffering April 15 after 2 1/2 years of researching Internet financial services companies such as CheckFree Corp. and Knight/Trimark Group Inc. for BancBoston Robertson Stephens.
December 29, 2004 |
An eight-figure severance package and a special deal on Boston Red Sox tickets are among the benefits Bank of America Corp. Chairman Charles "Chad" Gifford will get when he retires Jan. 31. Gifford will receive severance pay of about $16.4 million, plus cash incentives of up to $8.67 million, when he retires, the No. 3 U.S. bank said in a Securities and Exchange Commission filing Tuesday. Gifford, 62, had been chief executive of Boston-based FleetBoston Financial Corp., the No. 7 U.S.
October 1, 1998 |
Chase Manhattan Corp., BankAmerica Corp. and other big U.S. banks lowered the rate at which they lend money to their best customers to 8.25% from 8.5% on Wednesday, a day after the Federal Reserve Board cut its target rate for overnight loans between banks. Chase, BankAmerica, NationsBank Corp. and others cut their prime lending rates, taking the lead from the Fed, which trimmed the target rate to 5.25% from 5.5%. Banc One Corp., BankBoston Corp., Citicorp, First Chicago NBD Corp.
May 14, 1998 |
BankAmerica Corp.'s investment bank, BancAmerica Robertson Stephens & Co., is seriously considering several acquisition offers that could result in a deal as early as next week, sources close to the San Francisco-based investment bank said. While several major banks--including BankBoston Corp., J.P. Morgan & Co. and possibly some foreign banks--are among the potential bidders, several investment banking firms such as Credit Suisse First Boston Corp. and Donaldson, Lufkin & Jenrette Inc.
July 16, 1999 |
ATM fees charged by banks and savings and loans increased significantly last year, as did the number of institutions offering free checking, the Federal Reserve said in a report to Congress released Thursday. The central bank found substantial increases in 1998 from the previous year in overdraft charges for checks (an average increase of 90 cents, to $16.65); fees that banks charge their customers for using another bank's automated teller machine (an increase of between 4 and 7 cents, to $1.
July 1, 1998 |
Shares of Hambrecht & Quist, the San Francisco investment bank built on financing California's high-tech industry, surged more than 20% on Tuesday on speculation that a suitor, most likely Credit Suisse First Boston, will offer to buy the firm as early as this week, sources said. Hambrecht & Quist, long rumored to be a takeover target, rose $6.44 a share in very heavy trading on the New York Stock Exchange to close at $36.31. In December, Hambrecht's stock price reached a record high of $46.
November 14, 1997 |
Chase Manhattan Corp. said it lost $160 million before taxes from trading in emerging markets in October and as a result may fail to achieve its targeted 15% annual earnings growth. The losses stem from declines in the value of Brady bonds and Eurobonds the bank held or sold, but were less severe than some analysts suggested before the disclosure. Trading revenue at the largest U.S. bank accounted for $505 million in the third quarter, or 21% of the bank's non-interest revenue.