Today's News

WASHINGTON

Treasury Secretary Robert E. Rubin is expected to endorse a Democratic version of financial reform that would permit broad powers for national bank subsidiaries. Page 2

Senate Banking Committee Chairman Phil Gramm signaled that the confirmation of John D. Hawke Jr. for a full term as comptroller of the currency is on track. Page 2

COMMUNITY

The Chief Executive of Western Bancorp, which has bought six Southern California banks since 1996, said he does not expect it to make any acquisitions this year. Page 6

REGIONAL

An appellate court in Richmond, Va., has upheld a $10 million decision in favor of Hitachi Credit America in a fraud case against the former Signet Banking, which First Union bought. Page 8

MORTGAGES

A. Jay Meyerson, who built KeyCorp's consumer finance business and then abruptly resigned in October 1997, says instability in the specialty finance sector creates opportunities for banks. He is now a director at the accounting firm of KPMG in New York . Page 14

INVESTMENT PRODUCTS

INSURANCE: Zurich Financial Services Group teamed up with IBM to protect financial institutions from electronic-commerce risks. Page 10

CARDS

First Data says its European subsidiary, First Data Resources, had converted its systems to accept the euro when the new currency was born. Page 19

DIGITAL FRONTIERS

ELECTRONIC COMMERCE: Data security vendors like Equifax are banking on alliances to help them put encryption and certification needs together. Page 20

TECHNOLOGY

Baltimore Technologies announced the signings of nine commercial certificate authorities to use its Unicert system. Page 21

CORPORATE FINANCE

Partners in Robertson Stephens' venture capital group are leading a management buyout of their unit from BankAmerica. Page 29

PNC said it hired a managing director from Citigroup's Salomon Smith Barney to head its capital markets unit. Page 29

MARKETS

Bank One will surprise skeptics who think the merger with First Chicago NBD will hurt earnings, an analyst said. Back page

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