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BUSINESS
August 13, 1999 | Bloomberg News
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.
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BUSINESS
December 29, 2004 | From Reuters
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.
BUSINESS
May 29, 1998 | Debora Vrana
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.
BUSINESS
October 1, 1998 | From Bloomberg News
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.
BUSINESS
May 14, 1998 | DEBORA VRANA, TIMES STAFF WRITER
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.
BUSINESS
May 28, 1999 | From Bloomberg News
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.
BUSINESS
July 16, 1999 | From Associated Press
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.
BUSINESS
November 14, 1997 | From Bloomberg News
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.
BUSINESS
July 1, 1998 | DEBORA VRANA, TIMES STAFF WRITER
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.
BUSINESS
March 15, 1999 | From Times Wire Services
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.
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