Word: bankamerica
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...raced upward through the ranks, never remaining in one job for more than two years. Then, in 1980, at the age of 41, Samuel Armacost was named chief executive of BankAmerica. "My first inclination was to jump and scream," he later recalled. No wonder: Armacost was about to begin managing the world's largest and most profitable financial firm...
From his home in Mill Valley, Calif., anytime between 6 a.m. and midnight, Attorney Gregory Dyer can use his personal computer to check his balance at BankAmerica and transfer money between accounts. With his lap computer, Larry Lape, a business executive, does much of his personal banking from hotel rooms ; hundreds of miles away from his hometown Huntington National Bank in Columbus. Without leaving his home, Page Stodder, a Cleveland investment banker, can use his PC to pay bills from 82 different companies. Says Stodder: "It's faster than writing checks, putting stamps on envelopes and taking them...
...finally come of age. About 50 banks, including many of the largest, are competing vigorously to lure computer users into home banking, often by such inducements as free software, bargain-priced modems and reduced fees for access to the news wires. Betting on the trend, Chemical Bank and BankAmerica, two pioneers, last month entered into a joint venture with AT&T and Time Inc. to market banking and discount stock-brokerage services to computer-equipped households across...
Perhaps the biggest problem is the bottom line. Most customers' bill-paying needs simply do not justify the monthly fees. The average U.S. consumer writes a dozen checks a month. For his $8 monthly fee, BankAmerica Customer Peter Hillen has been making an average of five computer payments. "Eight dollars is clearly too much," says Hillen. "If I stop and think about it, it makes...
This foreign debt is owed primarily to nine major institutions: BankAmerica in San Francisco, First Chicago and Continental Illinois in Chicago, and Citicorp, Chemical, Chase Manhattan, Manufacturers Hanover, Morgan Guaranty and Bankers Trust in New York City. Together they have $54 billion on loan to Latin America and the Caribbean. That represents a disturbing 157% of the banks' capital, which is the portion of their assets that belongs to the institutions themselves and their shareholders, rather than depositors. In a more limited way, dozens of regional banks, including Milwaukee's First Wisconsin Corp., National Bank of Detroit...