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.
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.
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 28, 1999 |
Citigroup Inc., the world's biggest financial services company, and BankBoston Corp. increased loans to Latin America in the first quarter, reversing months of reductions as economies in the region begin to rebound. The two banks, with the biggest branch networks in Latin America among U.S. banks, raised their exposure as rivals continued to cut. BankAmerica Corp., Chase Manhattan Corp. and J.P. Morgan & Co.
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.
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.
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.
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.