Word: manhattanization
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...scaled the Swiss Alps and Tanzania's Mount Kilimanjaro. But his loftiest goal is to lead NationsBank, the Charlotte, N.C., company he has run since 1983, to the summit of American banking. Through more than 50 acquisitions, McColl has turned NationsBank into the third largest U.S. lender (behind Chase Manhattan and Citicorp), with branches in 16 states and $316 billion in assets. And NationsBank stock, which has swelled to $65 billion in total value, makes the bank No. 1 in market capital. "In most of life's endeavors," declares McColl, 62, "you are either growing or dying...
...might think times are flush on Wall Street, what with stock prices at historic highs and ridiculously rich year-end bonuses in the bank. Somebody, after all, just paid a record $2 million for a seat on the New York Stock Exchange. And in lower Manhattan supplies remain tight for rental limos and $20 cigars. Strangely, though, supplies aren't tight at all for traders, bankers and brokers. In a striking irony the financial chefs who for years have cooked up corporate takeovers and restructurings--all smelling like layoffs to working stiffs--are today being served those same entrees. Well...
Just last week the American Stock Exchange and NASDAQ Stock Market confirmed that they are exploring a merger, likely to cost several hundred jobs. For different reasons, recently merged Salomon Smith Barney is cutting as many as 1,500 positions. Chase Manhattan, after combining with Chemical Bank in 1996, is laying off about 3,000. The Swiss Bank Corp. merger with Union Bank of Switzerland has prompted a flood of pink slips in New York City. There's been selective pruning at the merged Morgan Stanley Dean Witter Discover. And since Asia tanked, international firms, including NatWest Securities, J.P. Morgan...
...posted record pretax profits of $12.2 billion. More work. More profit. Relatively few people. Sound familiar? Wall Street hadn't been totally left out. Its firms have been merging practically forever, but seldom on such an extensive scale, where even giant Merrill Lynch might be bait for, say, Chase Manhattan. In a bull market, and with consolidation running wild on the Street, brokerages are good stocks...
...overseers also received a letter from the U.S. Attorney in Manhattan asking them not to question a key witness about ?any matters involving the Democratic National Committee (or) the Clinton/Gore Election Committee... because it could harm the active, ongoing criminal investigation.? Investigators say the letter shows that the New York grand jury has targeted an alleged scheme in which Democrats would direct campaign contributions to Carey in return for contributions to state Democratic parties out of Teamster union funds...