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BUSINESS
April 18, 1991 | JAMES BATES, TIMES STAFF WRITER
California financial institutions on Wednesday continued to report lower first-quarter earnings, attributable in part to the state's economic slowdown. But stocks of banks and thrifts kept rising, which securities analysts interpreted as a sign that the latest results are easing investor fears about real estate-related problems facing the state's banks. First Interstate Bancorp, which has been predicting a slower 1991, said its first-quarter earnings fell to $59.
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BUSINESS
July 20, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Strong loan growth and a continuing rein on expenses helped BankAmerica Corp. post sharply higher quarterly profit, the nation's second-largest banking firm said Wednesday. San Francisco-based BankAmerica reported earnings of $645 million in the second quarter, up 23% from $525 million a year ago. Also Wednesday, Great Western Financial Corp., parent of America's second-largest savings and loan, saw quarterly earnings dip 9.
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BUSINESS
July 20, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Strong loan growth and a continuing rein on expenses helped BankAmerica Corp. post sharply higher quarterly profit, the nation's second-largest banking firm said Wednesday. San Francisco-based BankAmerica reported earnings of $645 million in the second quarter, up 23% from $525 million a year ago. Also Wednesday, Great Western Financial Corp., parent of America's second-largest savings and loan, saw quarterly earnings dip 9.
BUSINESS
April 18, 1991 | JAMES BATES, TIMES STAFF WRITER
California financial institutions on Wednesday continued to report lower first-quarter earnings, attributable in part to the state's economic slowdown. But stocks of banks and thrifts kept rising, which securities analysts interpreted as a sign that the latest results are easing investor fears about real estate-related problems facing the state's banks. First Interstate Bancorp, which has been predicting a slower 1991, said its first-quarter earnings fell to $59.
BUSINESS
January 18, 1985
The move by Republic New York Corp. and Dallas-based Republicbank Corp. to place nearly all of their Argentine loans on non-accrual status could signal similar moves by other major banks, which could lead to lower earnings. Under non-accrual status, the banks may count toward earnings only interest payments actually received in cash. Most big banks still count interest on many of their Argentine loans even though the interest has not yet been fully paid.
NEWS
March 2, 1999
Republic New York Corp. plans to dismantle its less-profitable trading units to focus on private banking and other niche businesses. The New York-based banking company will fire 384 employees and shift another 127 to Computer Sciences Corp., which is taking over some data and communications functions for the bank. About 50 more jobs will be cut through attrition, Republic said. * UGI Corp., the largest U.S. propane seller, said it will buy Unisource Worldwide Inc., the largest U.S.
BUSINESS
June 28, 1995 | Times Staff and Wire Reports
Chase Plans Layoffs: In a move to pare more than $400 million in expenses, Chase Manhattan Corp., the nation's sixth-largest banking company, plans to cut 3,000 to 6,000 jobs by early 1996--as much as 17% of the work force, the Wall Street Journal reported. Chase is under pressure from dissident stockholder Michael Price, who bought 6.1% of the firm's shares this spring and called for the company to be broken up and sold off.
BUSINESS
December 18, 2001 | Bloomberg News
Republic New York Corp., a subsidiary of HSBC Holdings, pleaded guilty to helping financier Martin Armstrong swindle Japanese investors and will pay them $606 million, the largest corporate criminal restitution ever ordered by a U.S. court. The charges against the unit of Britain's No. 1 banking company stem from Republic's involvement with Armstrong and his company, Princeton Economics International Inc.
BUSINESS
April 27, 1993
SafraCorp California, Encino-based holding company for SafraBank California, has agreed to be acquired by Republic New York Corp., holding company of Republic National Bank of New York. Republic said it is buying SafraBank to gain entry into private banking in California. Under the merger agreement, Republic said it will pay book value for SafraBank, or the net value of SafraBank's assets, after adjusting the assets and liabilities to market value as of the sale's closing date.
BUSINESS
September 26, 1995 | Times Staff and Wire Reports
Raytheon Co. said it signed an agreement to sell its D.C. Heath educational publishing unit to Houghton Mifflin Co. for $455 million in cash. . . . Republic New York Corp. said it agreed to buy Brooklyn Bancorp Inc. and its CrossLand Federal Savings Bank unit for $529.6 million in cash. . . . Bally Gaming International Inc. said WMS Industries Inc. raised its takeover bid for the slot and video gaming machine maker to about $142 million. . . . PaineWebber Group Inc.
BUSINESS
November 30, 1999
The International Monetary Fund gave Brazil's economic reforms its seal of approval, forecasting growth this year and offering Latin America's largest economy the right to extra cash. The IMF's statement was issued almost exactly a year after it approved an $18-billion loan to help Brazil recover from a dangerous loss of market confidence. * Amada Co., Japan's largest maker of metalworking machinery, has filed a lawsuit against Republic New York Corp.
BUSINESS
May 11, 1999 | Bloomberg News
British banking company HSBC Holdings reached an agreement to buy Republic New York Corp. and an affiliate for $10.3 billion in cash. The deal would give HSBC 30,000 private-banking clients around the world and the third-largest branch network in New York state. London-based HSBC would pay $72 a share each for Republic and Safra Republic Holdings, doubling the size of its private bank.
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