Today's News

WASHINGTON

Skeptics who suspect their federal tax dollars support do-nothing government agencies need look no further than the Thrift Depositor Protection Oversight Board. Page 2

REGIONAL BANKING

National City plans to close or reconfigure 200 of its 750 branches. Page 4

TECHNOLOGY

First Trust Corp., Denver, has moved to solve its year-2000 software problem by licensing trust accounting software from SunGard. Page 6

MORTGAGES

Like makers of cars, machine tools, and soft drinks, home builders haven't had much luck passing on cost increases to consumers. Page 10

The Fleet originations chief who bailed out a year ago has resurfaced at a small California lender with big plans. Page 10

CORPORATE FINANCE

Bankers cheered the Fed decision to topple most remaining firewalls between banks and holding companies' securities underwriting units, but Sen. Alfonse M. D'Amato was grim. The action "is cause for concern," said the Banking Committee chairman. Page 13

Banc One has teamed up with a New York investment bank specializing in health-care. Page 13

INVESTMENT PRODUCTS

American Express is betting that a veteran of its card business can turn around its struggling discount brokerage unit. Page 11

Though First Union is buying Wheat First mostly for its equity underwriting business, its money management arm was an appealing bonus. Page 11

CREDIT/DEBIT/ATMs

National Processing is buying FA Holdings, an independent merchant acquirer. Page 12

MARKETMONITOR

The BULL market is far from over, says a contrarian strategist who bases his predictions on market sentiment and the actions of options traders. Page 21

furman selz, a private investment bank, is said to be in talks to sell itself to a European bank. Page 27

WEEKLY REPORT: SMALL BUSINESS

Fewer entrepreneurs are using their personal credit cards to finance their businesses. Page 9

The founder of a school for chefs went to a small-business investment company for a $550,000 expansion loan. Banks couldn't customize the credit recipe to his taste. Page 9

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