Word: bankamerica
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...Clausen, 63, it was a tough homecoming last week. The man who reigned as president of BankAmerica from 1970 until his retirement in 1981 was back, this time as chairman, in his old offices on the 40th floor of the company's San Francisco headquarters building. There he was confronted by an unfamiliar and sobering array of corporate and financial problems. Clausen, however, did not seem unduly worried. Said he: "We are going in the right direction. I'm here to accelerate the pace...
Having lost a staggering $640 million in the second quarter, BankAmerica is in the midst of an all-points campaign to cut costs and raise cash. The San Francisco-based giant (assets: $117.3 billion) has laid off 6.3% of its 80,000 employees this year, and last week it finalized the sale of its carleasing subsidiary to General Electric Credit for some $215 million. BankAmerica's main unit, Bank of America, completed a two-day auction that was billed as the largest farmland sale in California history. The bank put 3,821 fertile acres in the state's Central Valley...
...auction, held at motels in Fresno one day and Sacramento the next, attracted overflow crowds of farmers and agribusinessmen, but the results were something of a letdown for BankAmerica. Successful bidders paid only 76% of the appraised value of the land on average, and six of 23 parcels went unsold because no one was willing to make the minimum bids that had been set. The $3.8 million raised by the auction was "less money than we had hoped for," admitted BankAmerica Vice President H.G. Weichert. But at his institution these days, every little bit helps...
...nothing else, Schwab's resignation focuses renewed attention on BankAmerica's troubles, which can hardly give much comfort to Armacost. Some banking analysts are now predicting a major financial restructuring at the ailing giant, perhaps as early as Thanksgiving...
...uncertainty, a number of corporations, including Pacific Bell and Cigna insurance company, are now allowing AIDS sufferers to stay on the job as long as their failing health permits. Three years ago, when two BankAmerica employees in San Francisco flatly refused to work with an AIDS victim, the company let the objectors resign and kept the disease victim in | his post. Says Nancy L. Merritt, a BankAmerica vice president: "We recognize the therapeutic value of employees being allowed to work as long as they can." At the San Francisco headquarters of Levi Strauss, the blue jeans manufacturer, an AIDS victim...