Today's News

WASHINGTON

Broad changes expected to be made today bya House subcommittee are guaranteed to turn theindustry and the White House against the financial reform bill. Page 2

The Financial Services Roundtable named former Texas Congressman Steve Bartlett as its topexecutive. Page 2

NATIONAL/GLOBAL

Beware of information obtained from Asian banks, warns the head of Thomson BankWatch Asia. Getting facts requires unorthodox means, he says. Page 3

Citigroup is the latest company to siphon off corporate finance talent from Merrill Lynch. At least 14 Merrill bankers have jumped ship since January. Page 3

DIGITAL FRONTIERS

Bank One's aggressive Internet strategy has made it the main provider of automobile loan and lease financing for customers of CarsDirect.com. Page 8

INVESTMENT PRODUCTS

Mutual fund company executives are concerned that there is not enough management talent to go around in the rapidly growing business. Bridget Macaskill, chief of OppenheimerFunds, said the industry needs generalist executives rather than experts in a single discipline. Page 18

TECHNOLOGY

Grappling with rising costs and tougher regulatory scrutiny, many trading firms are looking outside to manage risk, giving rise to new services, including some that offer Internet access. Page 9

MORTGAGES

Homes were worth 7.2% more in the firstquarter than a year earlier, says a real estate information firm that tracks prices in U.S. metro areas. Page 13

CARDS

Once reluctant to get into selling Internet services, commercial banks are being pulled toward helping merchant clients set up on-line storefronts. Page 14

COMMUNITY/REGIONAL

Redwood Empire shares are hot again amid rumors that the Santa Rosa, Calif., company is on the selling block. Page 16

A deal with First Union would nearly double the branch count of a Philadelphia community development bank. Page 16

MARKETS

Bargain hunters sent bank stocks back up. But some observers doubted any rally would be sustained while higher interest rates remain a threat. Page 26

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER