July 9, 1987
Mellon Bank Corp., which underwent a management shake-up following the announcement of unexpected losses, said W. Keith Smith had been appointed treasurer of the nation's 12th-largest bank holding company. Chairman Frank V. Cahouet, the former Crocker National Bank executive who last month was named to replace J. David Barnes, announced that Smith would also serve as Mellon's chief financial officer and as a vice chairman of the company and its bank unit. Smith succeeds G.
April 13, 1987
First Chicago Corp. reported a 3% rise in its first-quarter net income, while Mellon Bank Corp. posted a previously announced net loss, its first quarterly loss ever. First Chicago, the nation's 11th-largest bank holding company, reported a profit of $65 million, or $1.08 per share, in the three months ended March 31. That compared to net income of $63 million, or $1.06 per share, in the same period last year. Mellon, the 12th-largest U.S.
June 16, 1987 |
Frank V. Cahouet, the peripatetic California banker who helped turn Crocker National Bank around before it was sold to Wells Fargo last year, will become the new chief executive of Pittsburgh's Mellon Bank, the bank announced Monday. Mellon also said Monday that it was setting aside $415 million for additional losses on Latin American loans and, as a result, expects to lose $500 million in the second quarter and a substantial amount for the year. Mellon is following many major U.S.
April 17, 1985 |
Crocker National returned to modest profitability in the first quarter after a disastrous last three months of 1984, the San Francisco-based banking concern announced Tuesday. Five other major bank holding companies reported healthy first-quarter profits, a trend that analysts attributed to a favorable spread between the banks' cost of money and interest rates charged on loans. Reporting first-quarter gains between 8.
July 17, 1985 |
Six of the nation's leading banks reported earnings gains in the second quarter on the strength of lower interest rates and healthy investment income. Profit at Citicorp, the country's biggest bank holding company, rose 22%, while Security Pacific, Wells Fargo, Crocker Bank, Manufacturers Hanover and Mellon Bank posted earnings improvements between 15% and 73%.
June 21, 1990 |
Audi/North Sails Race Week off Long Beach this weekend will have an extra touch of class. Lowell North of San Diego will sail on Tony Reyes' Swan 46 Islero in Class D. Racing among 119 boats in seven classes starts Friday at 4 p.m., with two more rounds Saturday and one Sunday. If sailing has legends, North is one of them: founder of North Sails, Olympic gold medalist in 1968, the only four-time Star class world champion--and a man without an enemy.