BankAmerica and 2 other big banks suffer Russia losses
Article Abstract:
Three large American banks reported losses due to the economic turmoil in Russia, but provided mixed signals about whether financial downturns elsewhere might lead to more widespread losses. BankAmerica, BankBoston, and J.P. Morgan all reported trading losses over the last 2 months, due largely to soured trades in there. As the economic crisis in Russia deepens, volatility in more economically significant countries such as Brazil and Argentina is also eating into the profits of companies doing business there. Some analysts say there is now ample evidence that the current financial crisis extends far beyond Russia's economy.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Big bank overcomes its scandals
Article Abstract:
Bankers Trust Corp., the country's seventh-largest bank, is evolving into an investment banker for small, fast-growth companies following trading scandals that tarnished its reputation. Its earnings have rebounded with a new strategy of providing junk-bond underwriting to smaller companies in high technology, health care, the media, and telecommunications. Bankers Trust, whose prospects are still in doubt, cannot compete with larger U.S. firms, but hopes to be a strong competitor in emerging markets in Asia and Europe with acquisitions of Wolfensohn & Co. in 1996 and BT Alex Brown Inc. in 1997.
Comment:
Bankers Trust rebounds with new strategy of providing investment services to small, fast-growth companies
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Visa U.S.A. votes to continue ad effort based on its brand
Article Abstract:
For the present, the eleven banks that still sit on Visa's board will leave the ad campaign to run just as it has been running, with Visa as the center of attention rather than individual banks. None of the banks other than Citigroup, which just terminated its relationship with Visa, voiced the complaint at the latest board meeting. The issue of putting the Visa logo on the back of the card was discussed but not acted upon in any way.
Comment:
No other banks want to follow Citigroup's lead for now
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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