Word: shearson
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...experts assert that the high-yielding certificates will further befuddle savers, who already face a bewildering range of choices over where to put their cash. "With all the NOWs, money-market accounts and CDs, consumers are shell-shocked and totally confused," says Richard Bove, a leading banking analyst for Shearson/ American Express. Nevertheless, bankers and savings and loan executives are expected to push the deregulated certificates, if only to keep customers from taking their business to competitors across the street...
...proposed purchase of Investors Diversified Services, the principal subsidiary of Alleghany, continues American Express's push into financial services. In addition to its own credit cards and traveler's-check business, the company already owns Shearson, a leading Wall Street securities firm; Fireman's Fund, a large insurance company; and the non-U.S. banking subsidiaries of Switzerland's Trade Development Bank. The deal puts American Express back into the mutual-fund market, which it left in 1975. IDS is one of the top ten American managers of mutual stock-and money-market funds. It runs...
...financial supermarkets, meanwhile, have been eyeing thrifts as possible additions to their growing line of services. Merrill Lynch and Shearson/ American Express are each in the process of buying a thrift. Stockholders of Newport Balboa Savings Association (assets: $65.2 million) in Southern California are selling the S and L to ITT Financial Corp. for $13.5 million, or $65 a share. The deal, which is subject to regulatory approval, would be a bonanza for Newport Balboa owners, who paid $12.50 a share when the stock was first issued...
...company's profits, which totaled $518 million last year. The largest slice of earnings, nearly 40%, came from Fireman's Fund Insurance Companies, the world's largest insurer of movie productions and the eighth biggest American property and liability underwriter. The brokerage business from its subsidiary Shearson contributed another 20% to earnings. Additional parts of the diversified corporate empire include Mitchell Beazley Ltd., the British publisher of the bestselling manual The Joy of Sex, and half ownership of Warner Amex Cable Communications Inc., which has more than 1 million cable television subscribers in 27 states...
Amex paid nearly $1 billion in stock for Shearson last year and became a giant in the new financial services field. Shearson/American Express has already introduced a new account that combines a charge card, brokerage services, checking and money-market funds into a single package...