Bank battle comes to a head

Article Abstract:

Shareholders of Harlem, NY-based Carver Bancorp, the largest minority- operated bank in the US, will elect the bank's board on Feb 24, 2000. The election will be a battle between Carver and Boston Bank of Commerce where shareholders choose candidates from the two banks. BBOC, which owns around 7% of Carver's shares, is campaigning vigorously to have its two nominees elected to Carver's board. However, Carver CEO Deborah Wright wants to keep the bank independent.

Carver Bancorp

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McColl extends stay atop B of A

Article Abstract:

BankAmerica, the biggest bank in the US, has convinced Hugh McColl to stay on as chairman and CEO until 2002 rather than retire in 2000 as he had originally planned. The company, which recently posted $373 million in losses due to an agreement with securities firm and hedge fund D.E. Shaw of New York, was supposed to appoint chairman David Coulter as McColl's successor. However, Coulter decided to retire in October 1998 rather than follow the original strategy. Brown Bros. Harriman banking industry analyst Raphael Soifer observed that most firms do not seek out successors four years before they ascend to leadership.

Comment:

Has convinced Hugh McColl to stay on as chairman and CEO until 2002 rather than retire in 2000 as he had originally planned

Commercial banks, BankAmerica Corp., Article

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Rubin joins Citigroup team as a chairman

Article Abstract:

Citigroup has named former Treasury secretary Robert Rubin as one of the three persons comprising the office of the chairman. Rubin, appointed Treasury secretary in 1995, will join Citigroup chairmen and co-CEOs John Reed and Sandy Weill in making strategic decisions for the banking group, which consists of Citibank, Travelerss Insurance and brokerage Salomon Smith Barney. He will have no part in daily operations, but will serve as chairman of the board's executive committee.

Citigroup Inc.

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