Article Abstract:
The latest bank merger, between Wells Fargo and Norwest, would create the sixth largest bank created thus far this year. Norwest's chief executive Richard Kovacevich will head the new bank which will be headquartered in Wells Fargo's San Francisco. Norwest, based in Minneapolis, is the biggest mortgage underwriter in the country and also offers credit cards, annuities, and insurance. The new bank will keep the Wells Fargo name. The deal will be a $34 billion stock exchange; combined assets will be $185 billion.
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Bank to join forces with Wells Fargo in $34 billion deal; headquarters to be in San Francisco
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Article Abstract:
The BankAmerica Corporation is expected to post a major hedge fund loss of what some analysts believe will be approximately $100 million and more. Other analysts say that the loss could reach as high as $1 billion. BankAmerica is the fifth-largest bank in the US. The expected loss reflects the risk for financial firms as they engage in investment pools. The loss will be taken in the form of either loans or credit lines.
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Expected to post a major hedge fund loss of what some analysts believe will be approximately $100 million and more
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Article Abstract:
The new FleetBoston Corp. will be the 8th largest bank in the US after Fleet Financial Group acquires BankBoston Corp. for $16 billion. Together the two banks employee about 50,000 people and 2,500-5,000 people are expected to get laid off or otherwise be out of a job. Historically, BankBoston dates back to 1784; it counts Paul Revere as an early client.
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New name after Fleet Financial buys BankBoston
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