TURNING AROUND an institution whose return on assets is 0.66% is the task of John A. Ward 3d, American Express Bank's chairman and CEO. "We remain a niche bank, but we will increasingly become integrated with" the parent charge card company, he says. Page 8
WEEKLY REPORT: INTERNATIONAL
Banks may need to roll over their short-term loans to South Korean borrowers for longer than anticipated to resolve the country's debt crisis. Page 9
WASHINGTON
Healthy thrifts that do not belong to holding companies would no longer have to notify the OTS before paying cash dividends under a proposal issued by the agency. Page 3
REGIONAL BANKING
When Wachovia bought Richmond, Va.-based Central Fidelity Banks last month, it got a nice bonus: the latest in autodialing telephone technology. Page 5
COMMUNITY BANKING
When it comes to buying banks, Western Bancorp's chief financial officer takes no chances; he requires directors of any acquired bank to sign a contract promising not to organize a competing bank. Page 7
MORTGAGES
There's one way to solve the myriad problems at HUD, a Harvard University study says: Shut the agency down. Page 10
CORPORATE FINANCE
Bank of Nova Scotia, Merrill Lynch, and CIBC Oppenheimer are set to begin syndication of a $410 million loan to back construction of a new Aladdin hotel and casino in Las Vegas. Page 11
CREDIT/DEBIT/ATMs
The man who built People's Bank into a national force in credit card marketing has joined a Connecticut rival, Webster Financial. Page 13
INVESTMENT PRODUCTS
In a unique arrangement, American Express Financial Advisors has joined with a community development bank to sell financial advice as well as investment and insurance products. Page 16
TECHNOLOGY
Hewlett-Packard completed installation of an Internet banking system for Oversea-Chinese Banking Corp. of Singapore. Page 19
MARKET MONITOR
Thrift stocks were jolted when Lehman Brothers delivered a large-scale downgrade to the savings and loan industry. Back page