Word: bankamerica
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Dates: during 2000-2009
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...would succeed A.W. Clausen, the former BankAmerica chairman, as president of the World Bank when his five-year term expired on June 30? For months, Federal Reserve Board Chairman Paul Volcker was touted for the job, as was Labor Secretary William Brock. Last week the guessing game finally ended as the Reagan Administration named Barber Conable, 63, a highly regarded former Republican Congressman from New York, as its candidate to head the international development institution...
Amid takeover wars, BankAmerica's president resigns. IBM fights the blues. U.S. autoworkers go to school in Japan...
There was less ambiguity in the $2.8 billion merger offer made to limping BankAmerica (assets: $117 billion), headed by President and Chief Executive Officer Samuel Armacost, 47. The proposal from Joseph Pinola, 61, chairman of California's First Interstate Bancorp (No. 9 in the U.S., with assets of $50 billion), was to forge a firm that would rival Citicorp ($176 billion) as the country's No.1 banking institution. Late last week, as BankAmerica board members considered Pinola's offer, Armacost abruptly resigned. The reason, as he put it, was "to help restore confidence in this organization's capabilities and future...
...rapid-moving chain of events kept brokers busy. BankAmerica stock, which began the week at 11 3/8, hopped to a 14 7/8 close. USX shares, which have been among the most active New York Stock Exchange issues for weeks, climbed from 26 1/8 to 28 1/8, eventually closing at 27?...
...BankAmerica's huge losses make other financial institutions nervous, in part because of the company's size. Several major banks are worried about their own shaky loans and about what may be a tough new attitude among federal bank regulators. While BankAmerica wrote off $382 million in bad loans in the second quarter, more of its troubles resulted from regulatory pressure to increase its loan-loss reserve by $527 million. UNIONS Mama Knows Best...