June 11, 1999 |
The House Commerce Committee approved a bill to overhaul Depression-era U.S. banking laws and allow banks, brokers and insurers to enter one another's businesses. The committee passed the bill on a voice vote with no objections after including broader-than-expected privacy provisions strongly opposed by the financial services industry. The measures would give customers of financial firms a say in whether their information is shared or sold.
May 2, 1997 |
Computer Sciences Corp. said it started a new business group focusing on the financial services industry. The new group will combine CSC's existing consulting and computer service businesses, offering a set of services to banking, insurance and investment business customers. El Segundo-based CSC, which had 1996 revenue of $4.74 billion, said it expects the financial services group's fiscal 1998 revenue to be $1.5 billion.
August 17, 1993 |
Textron to Sell Part of Unit: The owner of Avco Financial Services said it will sell up to 19% of one of its insurance subsidiaries but has no plans to sell all or part of its Avco group of finance and insurance companies. Textron Inc., a Providence, R.I., conglomerate, said it has filed documents with the Securities and Exchange Commission to sell 17% to 19% of its Paul Revere Corp.
May 21, 2000
I must not be the only Democrat who has declined to make a second donation to the Clinton Legal Defense Fund. When Clinton signed the Financial Services Modernization Act, my checkbook snapped shut. Now I read "Clinton Seeking More Privacy for Consumers" [May 1]. It's too late, Mr. President. I, like many others, am not going to forgive you for giving away our privacy and for caving in to the financial services industry last year. ROSALIND CRAMER Mar Vista Business welcomes your letters.
August 5, 1997 |
Software powerhouse Oracle Corp. turned to a small Santa Monica company Monday for help in cracking the vast financial services industry, agreeing to acquire Treasury Services Corp. for about $120 million in cash. Oracle executives said the deal is designed to help the Redwood Shores-based company wrest business away from IBM, Unisys and other companies that have traditionally supplied the bulk of the software used by banks and other financial institutions.
January 11, 1985 |
Alva O. Way, who helped engineer Travelers Corp.'s expansion from insurance into financial services, has resigned as president "for personal reasons," the Hartford, Conn.-based company said Thursday. Edward H. Budd, chairman and chief executive, will assume the additional title of president, according to a brief statement from the company. Way, 55, will continue as a director and as chairman of the board's finance committee and will act as a consultant, the statement said.