Word: bankamerica
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Publishing executive David Cohen, who had produced similar books on the U.S. and on the Soviet Union with Rick Smolan, dispatched 90 photographers throughout China one day last spring. Months of planning went into the project, which was sponsored by Eastman Kodak, Nikon, Northwest Airlines, BankAmerica, Holiday Inn and Federal Express. Says TIME picture editor Michele Stephenson, who helped supervise the project in Beijing: "As fate would have it, A Day in the Life of China captured a portrait of this sprawling nation hours before the beginning of the student revolt...
Diana Bowler and Alisa Michaels Metzner, vice presidents at BankAmerica in San Francisco, had a common dilemma. Both had baby girls and did not want to work full time. Yet neither wanted to sacrifice a promising career at the bank. With the approval of their bosses, they came up with a solution: sharing one management job and salary. Bowler, 32, and Michaels Metzner, 34, were a good match because both worked in strategic planning and analysis. Michaels Metzner now comes in seven hours a day on Monday, Tuesday and Wednesday, and Bowler , works a similar schedule on Wednesday, Thursday...
...rewards are professional and personal. Says Bowler: "It's the best of both worlds." For BankAmerica too, which pays the two part-timers the equivalent of a single 35-hour weekly salary but gets much more work than that from them...
...bolder the reach, the more it suits him. Sanford Weill, who resigned as president of American Express in 1985, has since made daring but unsuccessful bids to take over BankAmerica and the consumer-loan subsidiary of Manufacturers Hanover Trust. Last week Weill's persistence paid off. Commercial Credit Group, the Baltimore-based consumer-finance company (assets: $4.4 billion) he now heads, agreed to take over Primerica, a Connecticut-based financial-services firm that has three times the assets of Weill's corporation and owns the Smith Barney brokerage firm...
Already, the limited coming-to-grips with bad loans has wiped out 1987 profits at many major U.S. banks. Analysts expect most of the largest institutions to post overall losses. Among them: Citicorp, BankAmerica, Chase Manhattan, Manufacturers Hanover and Chemical Bank. Last week Pittsburgh's troubled Mellon Bank, the twelfth-ranking U.S. institution, disclosed that it would be about $220 million in the red for the fourth quarter, after boosting its loan-loss reserves...