Word: shearson
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American Express, meanwhile, is trying to turn its gold card into all-purpose plastic. Last month the company introduced a fitness program that gives cardholders access to more than 100 health clubs around the world. The financial services firm is also using Shearson Loeb Rhoades, its Wall Street subsidiary, to promote the gold cards. Shearson-American Express is now launching a financial management account that combines stock and bond trading, banking and credit card transactions. The price of that service is $100 a year, which is automatically charged to the credit card account...
...widely different money services under one roof. Last week Sears, Roebuck and Co., the largest American retailer, announced that it will open financial-service centers in eight cities in July. The company now owns Dean Witter Reynolds securities and Coldwell Banker real estate. Last year American Express Co. bought Shearson Loeb Rhoades, the second largest securities firm, and the Prudential Insurance Co. acquired the Bache Group, the sixth biggest brokerage house. Banks will soon be in the thick of the financial fight...
...Americans' spare cash has inspired visions of giant financial supermarkets, where customers could make one stop for services ranging from savings accounts and stocks to insurance. This year several of the largest U.S. companies went further in that direction by moving to acquire investment firms. American Express snared Shearson Loeb Rhoades; Prudential Insurance purchased Bache; Sears reached a preliminary agreement to buy Dean Witter; BankAmerica plans to absorb Charles Schwab...
...announced that by the end of this year it will begin soliciting the public for investments in a new money-market fund. This type of financial supermarket would be similar to those set up by Prudential Insurance, when it acquired Bache, or American Express, when it merged with Shearson Loeb Rhoades...
...Salomon Bros.-Phibro agreement continues the pattern of recent megadollar mergers on Wall Street that began with Bache's acquisition by Prudential Insurance and the American Express takeover of Shearson Loeb Rhoades. The combined Salomon Bros.-Phibro firm, though, will not be going after new customers for credit cards or insurance. It will be making corporate deals on an unprecedented worldwide scale...