Word: seafirst
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Richard Cooley was 59 and had been chairman of San Francisco's Wells Fargo & Co. for 16 years when he abruptly quit his job last December. A day later it turned out he was to become chief executive of another bank-holding company, Seafirst Corp. in Seattle. With $10 billion in assets, Seafirst is less than half the size of Wells Fargo, but Cooley's new job is turning out to be double the challenge of his old one. Last week Seafirst, which owns the Seattle-First National Bank, reported a surprisingly large operating loss of $61.4 million...
...Seafirst's $1.5 billion backstop...
...banking fraternity received another blow when Perm Square Bank, a small and poorly managed Oklahoma City lender, folded after having invested heavily in risky oil and gas ventures. Penn Square's lending had been supported by, among others, Continental Illinois, the sixth largest commercial bank, Chase Manhattan and Seafirst Corp. of Seattle...
...looking for culprits last week. Chase Manhattan cleaned out its institutional banking division, where the Penn Square deals were approved. Chairman Willard Butcher fired one executive vice president and one senior vice president, demoted another executive vice president, and let go seven lower ranking officials. Chairman William Jenkins of Seafirst dismissed a senior vice president and the bank's chief lending officer. Continental Illinois has not yet taken any disciplinary action...
...Unions must confront giant corporate capital with workers' capital. They must confront interlocking corporate power with interlocking workers' power." In the meantime, labor and business leaders are waiting to see what the new tactic pro duces. If either Stevens or Seafirst is eventually compelled to accept unionization, labor's use of the "corporate campaign" squeeze is certain to increase...