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BUSINESS
January 30, 1992 | From Times Staff and Wire Reports
CalPERS Picks Custodian: State Street Boston Corp. apparently has won a contest to take care of $64.7 billion in assets from the California pension fund, the largest public pension fund in the country. State Street spokesman George Russell confirmed that the bank had been selected as custodian for the California Public Employees Retirement System fund. Dewitt Bowmann, chief investment officer at CalPERS, said the decision was made last week.
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BUSINESS
January 30, 1992 | From Times Staff and Wire Reports
CalPERS Picks Custodian: State Street Boston Corp. apparently has won a contest to take care of $64.7 billion in assets from the California pension fund, the largest public pension fund in the country. State Street spokesman George Russell confirmed that the bank had been selected as custodian for the California Public Employees Retirement System fund. Dewitt Bowmann, chief investment officer at CalPERS, said the decision was made last week.
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BUSINESS
September 28, 1994 | From Times Staff and Wire Reports
Micron Technology Inc. said it expects to spend $450 million to expand chip-making capacity next year, and it denied Wall Street suggestions of a looming price cut on its most popular memory chip. . . . DST Systems Inc. and Kemper Financial Services Inc. agreed to sell Investors Fiduciary Trust Co. to State Street Boston Corp. for $225 million in stock.
BUSINESS
August 14, 1995 | Times Staff and Wire Reports
BankAmerica Likely to Sell Corporate Trust Division: The San Francisco-based bank is expected to announce as early as today the sale for about $250 million, sources familiar with the situation said. In selling the division, BankAmerica Corp. would join other banks that have recently pulled out of the corporate trust business, ceding it to a handful of banks willing to build a specialty in that area. The likely bidders for the trust business include Bank of New York Co.
BUSINESS
September 29, 1995 | From Times Wire Services
Bank of California and Union Bank said their boards approved the merger of their companies, a deal that would form California's fourth-largest bank, with $25 billion in assets. In Thursday's announcement, the two banks said they expect to cut $90 million from their combined annual costs, before taxes, by 1998. They said they expect to cut 850 jobs, many through attrition. The banks now have the equivalent of 9,900 full-time employees. The new bank will be called Union Bank of California.
BUSINESS
September 29, 1995 | From Times Staff and Wire Reports
The merger of Bank of California and Union Bank, expected since last spring and announced Thursday, will result in the elimination of about 850 jobs, many through attrition, the banks said. The marriage would form California's fourth-largest bank, with $25 billion in assets. The two banks also said the merger would cut $90 million from their combined annual pretax costs by 1998. The banks now have the equivalent of 9,900 full-time employees.
BUSINESS
March 24, 1995 | SCOT J. PALTROW, TIMES STAFF WRITER
Amid two federal investigations of Nasdaq, the New York Stock Exchange said Thursday it expects to lure a record number of companies from its rival this year and has set its sights at the very top: Microsoft, the over-the-counter market's biggest firm. Richard A. Grasso, the NYSE's president and soon-to-be chairman, told reporters in San Francisco late Wednesday that the Redmond, Wash., software giant is his primary target.
BUSINESS
February 20, 1995 | STUART SILVERSTEIN, TIMES STAFF WRITER
BankAmerica Corp. plans to sell nearly all of its 2,000-employee institutional trust and securities services division, a move that would weed out what the company considers one of its lagging operations. Officials said Sunday that the division, based in San Francisco, needs a major investment in computer technology to compete effectively against the financial giants that dominate the field.
BUSINESS
July 17, 1997 | From Times Wire Services
BankAmerica Corp., engaged in a well-publicized struggle for market share with its cross-town rival Wells Fargo & Co., on Wednesday said second-quarter earnings rose 11% on revenue growth from loans, customer fees and record trading income. Net income at the nation's third-largest bank holding company rose to $799 million, or $1.07 per share, from $723 million, or 92 cents, in the second quarter of 1996.
BUSINESS
April 15, 1993 | A roundup of Wednesday's market activity, compiled from staff and wire service reports: and
Stocks closed mixed, as another decline in many consumer issues--especially retailers--was offset by a rally in industrial names. The Dow Jones industrials rose 11.61 points to 3,455.64. * Treasury bond yields declined after the Federal Reserve dipped into the market and bought about $4 billion of long-term bonds to boost bank reserves. * Precious metals surged on fears about South African unrest.
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