Word: mutually
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Dates: during 1990-1999
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...services sector is not. Fifty trust companies, many with near-national reach, offer a range of services comparable to that of the banks; 2,500 credit unions and caisses populaires (Quebec credit unions) remain important retail outlets; 150 life insurance companies offer a wide range of investment vehicles; 80 mutual fund companies command 77 percent of the Canadian mutual fund market. Canadian banks, due to their size and scope, constitute five more competitors in each of these markets, not leviathans standing astride any one of them...
...United States, every aspect of the financial services is dominated not by a bank but by a focused, non-bank with national scale. For example, MBNA is the largest issuer of credits cards. Fidelity, a mutual fund company, and Charles Schwab, a stock brokerage, dominate investment instruments. CountryWide commands the lion's share of the consumer mortgage market...
...marry. Credit-card and home-equity lender Household International will pay $7.7 billion for Beneficial Corp., which is in the same businesses; and insurer Conseco Inc. agreed to pay $6.4 billion for subprime, mobile-home lender Green Tree Financial. Meanwhile, the stock price soared for just about every mutual-fund company, bank or brokerage considered likely to find a partner...
Weill plans to cross-sell everything from mutual funds and annuities to term life insurance. In fact, he's already doing it within the Travelers family. With Citigroup, he'll have a huge bank, with all its products and locations, to add to the mix. Citi, for instance, has a strong position in Asia. Weill says he'd be disappointed if at Citigroup he and Reed merely doubled earnings in five years, the stated goal...
...Kraus wants to provide your horoscope. And your mutual fund's bottom line. And your E-mail and your headline news. And your groceries, your travel plans, your greeting cards, your sports scores, your local weather, your TV listings, your friends...