Word: banc
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...diverse income streams. Tom Theurkauf, analyst at Keefe Bruyette Woods, likes Washington Mutual and Fleet Boston. Scott Black, president of Delphi Management, likes North Fork and Peoples Heritage. Among larger banks, Chase and Bank of New York look attractive. But beware banks with operating difficulties, like First Union and Banc One. They won't rise with the tide. Bank...
...order, say, of the development of electricity as a power source for industry in the early 20th century. They did note that the Internet, like electricity, is insinuating itself in ways that make the future unthinkable without it. Says Barry Newman, director of technology, corporate and investment banking at Banc of America Securities: "You're going to see the Internet become a core portion of every business, of the way you think about entertainment, communication and information...
...fair, McColl isn't the only one to have figured this out. The past month has been peppered with the kind of earthmoving financial deals that would have seemed impossible a decade ago. On the same day last week that the BankAmerica-NationsBank deal was announced, Banc One chairman John B. McCoy (who once mused that in the future the industry would have just five or six major banks) announced plans to merge his $116 billion bank with the much merged $115 billion First Chicago NBD Corp. All this came just a week after insurance and brokerage giant Travelers Group...
Consider First Chicago, which encourages those with Self-Service checking accounts to use ATMs by charging $3 for a visit to a live teller for some transactions. First Chicago announced a merger last week with Banc One Corp. Banc One, based in Columbus, Ohio, does business in 12 states and charges account holders if they use one of its own Rapid Cash Machines. "[The banks] say these mergers create efficiencies," says Mary Griffin of Consumers Union. "But with the efficiencies there is a dis-economy of scale, which costs consumers more." In other words, it costs to save. That...
After watching everyone from Microsoft to Meca Software gobble up online-banking customers, banks have become eager to prove that they're not headed for extinction. Last week IBM and a group of 15 U.S. and Canadian banking behemoths, including Bank of America, Banc One and Mellon Bank, unveiled a venture that aims to provide a full range of financial services to the banks' 60 million customers at the touch of a telephone button or the click of a mouse. Called Integrion, the partnership will phase in such activities as bill paying, electronic lending and stock and bond trading beginning...