Today's News

MERGERS AROUND Pittsburgh-based PNC Bank Corp. will "create magnificent opportunities for us," says Ralph S. Michael 3d, CEO for corporate banking and head of PNC Capital Markets. Page 8

WASHINGTON

A deal struck by House Commerce Committee leaders is likely to bring key Democratic support to financial reform legislation. Page 2

A top policy analyst warned that recently proposed megamergers are likely to flop because they are based on unrealistic assumptions. Page 3

COMMUNITY

Mutual thrifts converting to stock-owned companies are coming out of the gates stronger than ever, with first-day gains this year averaging 52.5%. Page 6

INVESTMENT PRODUCTS

Federated Investors will not fill the vacancy left by the departure of its national director for retirement sales. Page 9

CORPORATE FINANCE

First Union appointed a former CoreStates vice chairman as executive vice president of global corporate banking. Page 10

After 28 years at Citicorp, the woman credited with helping make the company a global force in syndicated lending has resigned. Page 10

CARDS

Brimming with confidence after a strong show of vendor support, Visa sounds ready to cash the winning ticket in the smart card standards race. Page 12

Mondex USA is climbing on a Microsoft-standard bandwagon to speed and simplify the spread of its electronic cash technology. Page 12

MORTGAGES

Quarterly earnings of some specialty finance companies were hurt by high prepayment rates, but the crisis atmosphere appears to have dissipated. Page 15

REGIONAL

activists opposed to the Citicorp-Travelers deal demanded a $200 billion CRA commitment. Page 22

MARKETS

Bank of New York is likely to drop its unsolicited bid for Mellon within the next few weeks, the research director of Keefe, Bruyette & Woods says. Back page

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