Word: bankamerica
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...failures are just more proof that they don't know what they're doing, and that's kind of scary. I don't mean I'm going to take my money out and put it under my mattress, but I am concerned." Last week BankAmerica and First Chicago, two of the nation's largest institutions, said they were considering selling their landmark headquarters buildings. Reason: both banks must raise money to fulfill an order by federal regulators to build up their reserves against bad loans. Says First Chicago Chairman Barry Sullivan...
...billion), saved his bank from the Southwest's energy-lending disaster by holding firmly to a highly cautious lending policy: all major loans require unanimous approval from a committee of 14 senior bank officials. BankAmerica, whose profits have been pummeled in the past three years, formed a Retail Action Team, dubbed RAT, to cut back the company's overgrown branch system. The bank plans to close at least 121 of its 1,071 branch offices this year, despite angry complaints from customers...
...this country. We are quickly putting together a jerry-built financial structure, which includes flaws that work against the best interest of the public." Citicorp, for instance, plans to offer insurance by mail from offices located in South Dakota, the only state that allows banks to enter that field. BankAmerica and others also sell stocks through discount brokers, which is legal as long as they offer no investment advice directly in connection with the trade. The FDIC last week set rules so that 9,300 state-chartered banks can buy and sell corporate securities for their customers...
Last week Cleveland's National City ($6.6 billion) announced plans to merge with Columbus' BancOhio ($6 billion). Indus try Analyst James Wooden of Merrill Lynch estimates that by 1995 the U.S. will have only 25 to 35 national banking organizations. Citicorp, BankAmerica and the other leading financial-center banks remain relentless in their determination to knock down the remaining roadblocks to expansion across state lines. The financial giants sometimes lose a round or two, but they always fight back...
Last year the Federal Reserve refused to approve plans by Citicorp, BankAmerica and First Interstate to buy banks in South Dakota, from which they intended to sell insurance across state borders. Unbowed, the banks have now started pressuring Congress for a legislative change to let their strategy go ahead. Citicorp Vice Chairman Hans Angermueller bluntly says that his company's tactic is "to batter at every barrier at all times." With that kind of zeal behind it, full national banking is probably not far away...