Word: bankamerica
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...Online, McColl has engineered a kind of banking miracle in homey Charlotte, a deus ex machina where the machina is his very own NationsBank automated-teller machines, and the deus wears cowboy boots. Last week McColl announced the boldest deal yet: a plan to merge NationsBank with California-based BankAmerica to create a golden Godzilla with deposits of $346 billion. On Wall Street, where financial stocks have sizzled this year, the marriage was greeted with huge plaudits. On Main Street, average customers (the combined bank will have millions of them) worried about what this would mean for their accounts...
...prices and then trimming costs by paying close attention to detail. He started in 1986 by taking over Commercial Credit, a reject of computer-maker Control Data. It was not the job he wanted--Weill had been given the bum's rush when he offered himself as CEO of BankAmerica--but a spruced-up Commercial Credit gave Weill a springboard. And he sprang: he merged Commercial Credit with struggling Primerica in 1988, getting the Smith Barney brokerage with it. He bought Travelers insurance in two stages when that company was reeling from bad real estate investments. In 1993 Weill achieved...
...solution embraced by the likes of DuPont and BankAmerica is to grant CEO stock options that can be cashed only after the stock has risen a specified amount. That way a CEO doesn't make a killing unless the stock really zooms. An even better answer is to devise stock options that are indexed to the market or some peer group. They would remain worthless unless the stock outperforms its competitors. Some have suggested the CEOs be required to buy stock above the market price, but that incentive could hurt workers, since a time-honored method of making the stock...
...only part of the merger action. In Washington the House overwhelmingly agreed to let banks open branches across state lines and sent the bill on to the Senate, where it is expected to pass within the next two weeks. The House vote overjoyed giants such as Citicorp and BankAmerica, which would finally be free to gobble up banks across the country...
...nominees include: Charlotte Pierce Armstrong '49, a New York lawyer; Peter C. B. Bynoe, chair and chief executive of Chicagobased Telemat, Ltd.; Antonio Madero '58, founder and chief executive of Mexico's Corporacion Industrial San Luis; Frank N. Newman '63, vice chair and chief financial officer of BankAmerica; Anne H. Richardson '51, chair of Washington D.C.-based Reading is Fundamental; and Torsten N. Wiesel, President of Rockefeller University...