Commercial banks
People's Bank, a diversified financial services company based in Bridgeport, Connecticut, has announced a new long-term agreement with First Data Resources Inc. to process its domestic credit, debit, and commercial card accounts. This expansion of the existing relationship between the two companies brings People's Bank'
Commercial banks
Military officers in Thailand will begin retiring as part of the Defense Ministry's cost-cutting measures starting from June next year. The officers, including those holding ranks of special colonel, special group captain, and senior captain for at least three years, will be encouraged to retire. Meanwhile, Bulgaria is
Commercial banks
The Australian share market closed with a minor gain on Christmas Eve 1998, mirroring the stronger finish on Wall Street the previous night. Brokers attributed the lackluster trading to the holiday atmosphere, with expectations of more significant market movement tomorrow. The benchmark all ordinaries index rose 9 points to 2764.
Commercial banks
The Australian sharemarket experienced a significant boost on Tuesday, largely driven by Christmas window dressing by fund managers. The benchmark all ordinaries index closed 21.8 points higher at 2,759.8, after reaching an intra-day high of 2,772.3. This surge was primarily led by key industrial stocks,
Commercial banks
Citigroup Inc. has announced a restructuring charge of approximately $900 million after tax, reflecting the integration of its global operations and efforts to achieve efficiencies across its businesses. The company expects to achieve pretax expense savings of around $680 million in 1999 and targets annual run rate expense savings of
Commercial banks
The national high school economics competition, sponsored by the Federal Reserve Bank System of the United States, is entering its fifth year. Teams of high school students from around the country will compete to develop the best recommendations on national economic policy, honing their analytical and presentation skills. Citibank has
Commercial banks
PNC Bank, a leading diversified financial services organization, was recognized for its exceptional progress towards achieving accurate, consistent, and reliable information in its mission-critical business systems. The bank was awarded the 1998 Excellence in Information Integrity award at the Information Integrity Conference held in Chicago from November 2-5. This prestigious
Commercial banks
Merle E. Gilliand, former chairman and CEO of PNC Bank Corp., passed away on December 8, leaving behind a legacy in the banking industry. With a career spanning over three decades, Gilliand played a pivotal role in shaping the modern banking landscape. From his early days as a certified public
Commercial banks
The Royal Bank of Scotland has reported a significant 32% increase in pre-tax profits to just over $1 billion, with a record $43 million profit-sharing scheme for employees. However, the bank has warned of uncertain economic times ahead, particularly in the Far East and Russia, where it has set aside
Commercial banks
The Royal Bank of Scotland's share price has experienced a tumultuous year, with periods of deep pessimism followed by strengthened prices due to speculation about potential mergers with Halifax or Barclays. In a move that would have historical symmetry, the bank's independence may be surrendered on
Commercial banks
Standard & Poor's has placed its single-'A' long-term counterparty rating of Japan Bankers Trust Co. Ltd. (JBT) on CreditWatch with positive implications, while its double-'A'-plus long-term counterparty rating on Japan-based Deutsche Morgan Grenfell Trust Bank Ltd. (DMG Trust) was placed on
Commercial banks
A flurry of significant business announcements has swept the United States, with key developments emerging in the technology and finance sectors. America Online (AOL) is nearing a $4 billion deal to acquire Netscape Communications Corp., while the German bank Deutsche Bank AG is reportedly on the cusp of purchasing Bankers
