Word: bankamerica
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...contrast, declines in actual earnings were reported by the nation's two largest banks, New York-based Citicorp (off 11.6%) and California's BankAmerica, which suffered a 33.3% drop in profits during the period. Fifth-ranked J.P. Morgan & Co. also slipped, with a decline of 26.7% from the year-earlier period...
...BankAmerica Corp...
...world's largest bank has long been tight-lipped about its business. Now it is pledging to become almost garrulous. Last week the San Francisco-based BankAmerica Corp. flew five senior officials to New York to unveil, with maximum publicity, a 26-page, 70-item "Voluntary Disclosure Code," under which the bank proposes to make available information that goes far beyond what banks are compelled by law to reveal. The disclosures, say bank officials, should help to dispel public suspicion of business and keep BankAmerica's executives toeing the mark. Intones a preamble to the code: "What better...
...BankAmerica further vows to reveal "direct dollar expenses" of its "government relations" programs (which include lobbying efforts) at federal, state and local levels. It will list all companies in which its trust department has investments of $1 million or more, disclose its ten largest holdings of municipal securities and report its profits or losses on dealings in foreign currency. All these matters are of interest to analysts who try to gauge the soundness of bank finances; Franklin National Bank in New York, for instance, failed in 1974 largely because of huge losses in foreign-currency speculation...
Legitimate Need. There are more than a few exceptions to BankAmerica's new openness. For instance, bank analysts are worried about the soundness of loans that U.S. banks have made to underdeveloped countries, but Bank-America will shed little light on the problem. It will break down its foreign loans into eight major regions of the world, but not by country. Other banks already make available some of the information that BankAmerica now plans to disclose, and release of some other data may soon be compelled by the Securities and Exchange Commission, anyway. The bank has left itself some...