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J David Barnes

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April 13, 1987 | Associated Press
Mellon Bank today announced the retirement of Chairman J. David Barnes, who had been under pressure since acknowledging management mistakes that led to the first quarterly loss in the bank's 118-year history. The board of directors Sunday elected its senior member, Nathan W. Pearson, 75, to fill the vacancy until a search committee can find a new chairman and chief executive.
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BUSINESS
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.
BUSINESS
April 14, 1987 | Associated Press
On the first business day after reporting the first loss in its 118-year history, $60 million in the 1987 first quarter, Mellon Bank on Monday said Chairman J. David Barnes had resigned and a search was on for a permanent successor. Nathan W. Pearson, 75, the senior member of the board of directors, was named to fill Barnes' posts as chairman and chief executive until a new leader is found.
BUSINESS
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.
BUSINESS
June 16, 1987 | JOHN M. BRODER, Times Staff Writer
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.
BUSINESS
April 17, 1985 | JOHN M. BRODER, Times Staff Writer
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.
BUSINESS
July 17, 1985 | JOHN M. BRODER, Times Staff Writer
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%.
SPORTS
June 21, 1990 | RICH ROBERTS
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.
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