Commercial banks
Greater Bay Bancorp, a $3.6 billion financial services holding company, has announced that its wholly-owned subsidiary, Cupertino National Bank, has received investment grade ratings from Thomson Financial BankWatch. The ratings, TBW-2 for short-term debt and BBB- for long-term debt, reflect the bank's strong financial position and ability
Commercial banks
Dresdner Bank, Germany's third-largest bank, has announced plans to restructure its retail banking operation by closing up to a third of its 1,150 branches and laying off about 10% of its 51,000 staff. The bank aims to reduce costs and increase its return on equity from
Commercial banks
After the abrupt collapse of Deutsche Bank's 33 billion euro takeover bid for Dresdner Bank, Frankfurt's financial district is abuzz with speculation about the future of German banking. Top executives, including Rolf Breuer, Deutsche Bank's chairman, believe the failed merger will ultimately catalyze the
Commercial banks
Telocity, a leading provider of residential broadband services, has entered into an affinity marketing agreement with Citi f/i, the online virtual bank from Citibank and Citicorp Investment Services. The partnership will allow Citi f/i customers to access their financial relationships via Telocity's ultra-fast and secure broadband
Commercial banks
As of January 26, 2000, a notable retail food supermarkets owner has secured a substantial $3 billion loan package to support its operations. The loan has been structured into two parts: a $2.5 billion term loan and a $500 million revolving credit facility. This financing is aimed at covering
Commercial banks
National Australia Bank (NAB) has announced plans to demerge its UK operations, pending regulatory approval, as part of a broader strategy to expand its European presence. The move comes as John Wright, the head of Clydesdale and Yorkshire Banks, will be replaced by Stuart Grimshaw, a 38-year-old executive with experience
Commercial banks
State-run Bank Negara Indonesia (BNI) has appointed Credit Lyonnais Securities Asia Ltd as its financial advisor to help turn around its loss-making operation. Meanwhile, the Bank of Korea has decided to keep the call rate at 5% due to a lack of inflationary pressure. In other news, the Indonesian Bank
Commercial banks
The arrival of Jamie Dimon as the CEO of Bank One Corp. marks a significant shift in Chicago's banking community, characterized by his aggressive style and lack of hometown connections. Dimon's background and politics represent the emergence of the New Moneycrats, a group of wealthy financiers
Commercial banks
Bank One, the nation's fifth-largest bank holding company, has adopted the Federal Liaison Services (FLS) Payroll Tax System to manage its payroll tax compliance for its operations in 42 states and the U.S. Virgin Islands. The system, which processes $648 million in federal withholding annually, has improved
Commercial banks
The highly anticipated auction for the next generation of mobile phone licences has reached a staggering £21.67 billion, with analysts predicting the battle will soon come to an end. The six remaining bidders, including UK-based operators and international newcomers, have been vying for the five licences on offer. Vodafone
Commercial banks
Analysts expect SmithKline Beecham to report better first-quarter earnings compared to Glaxo Wellcome due to the strength of its Avandia diabetes drug and the expiration of Glaxo's Zantac anti-ulcerant patent. Royal Bank of Scotland's update on the NatWest acquisition will focus on cost savings and integration
Commercial banks
The Australian stock market experienced a significant downturn on Thursday, with the All Ordinaries index closing 1% lower at 3,155.4 points, following a steep fall in the US technology sector. The nervous sentiment was triggered by the US Nasdaq composite index's 258.25 point drop, its
