Word: mergers
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
Deals like the one between Chase and Chemical have aggravated concerns about the impact of bank-merger mania on employees and customers. The new giant, which will take the better-known Chase Manhattan name even though Chemical is larger, will hold nearly $300 billion in assets and eclipse its New York City neighbor Citicorp as the largest U.S. banking company. Enthusiastic investors boosted the price of both Chase and Chemical stock more than 10% in a day, expecting the increased efficiency of the combined banks to send profits zooming. But to pare annual expenses by $1.5 billion within three years...
...merger trend, which has reduced the number of U.S. commercial banks from 12,345 in 1990 to 10,450 last year, has gathered momentum as banks have joined forces to cut overlapping costs, enter new markets and meet domestic and foreign competition. Major deals valued at some $30 billion have been unveiled so far this year, and the pace shows no sign of slowing. The consolidations have helped boost bank profits to a record level in each of the past three years, $44.8 billion in 1994. But it's mostly stockholders who have benefited. "I don't see the savings...
...serving poor neighborhoods, vowed not to close branches in low-and-moderate-income areas where customers would have to go more than three blocks to find another one. Under the Community Reinvest ment Act, banks must submit their plans for serving poor neighborhoods to government scrutiny before a merger is approved...
...still moving toward an agreement to buy Turner Broadcasting, but negotiators expect to take several days to resolve last-minute issues. It might be longer, reports business writer Barbara Rudolph, if cable mogul and key Turner board member John Malone doesn't like the way $8.5 billion media merger develops. "Malone's Telecommunications Inc. is a rival of Time Warner. Malone can either make this deal or prevent it from happening." If or when the deal gels, she adds, "it's not clear whether all those egos (Malone, Time Warner Chairman Gerald Levin and Ted Turner himself) can live together...
Eisner could use the help. "When Michael took over," says Richard Rainwater, an Eisner confidant who helped bring him to Disney, "it had a $2 billion public market valuation. Today, after the merger, it's a $30 billion to $40 billion business. And he's got a team that can take a company that size and have it grow at surprisingly high rates." And the two Michaels? "They have always liked each other, and they'll have an absolute ball together...