Today's News

NATIONAL/GLOBAL

Republic New York's profits fell 60.4% as a restructuring charge offset trading gains. Meanwhile, Washington Mutual's net income jumped 20%. Page 6

Two regional brokerage executives say it is possible for a midsize brokerage firm to stay out of the merger fray-but it's not easy. Page 6

COMMUNITY/REGIONAL

BankUnited of Florida lost $11 million in the first quarter as it shed a large part of its struggling mortgage operation. Page 7

Silicon Valley Bank announced an agreement under which Prudential Securities will provide it with corporate finance services. Page 7

INVESTMENT PRODUCTS

Salomon Smith Barney is seeking to increase its presence in banks as a third-party provider of investment services. Page 8

Citigroup said it merged the trust units of Citibank and Salomon Smith Barney to form a new company. Page 8

WASHINGTON

Republicans on the House Judiciary Committee beat back Democratic efforts to add consumer protections to bankruptcy reform legislation. "We must ensure there are no loopholes," said Rep. Jerrold Nadler, a Democrat who sponsored one of the failed amendments. Page 2

Banks that miss key year-2000 deadlines will pay for it, the FDIC says. Page 2

MORTGAGES

Fleet's correspondent lending channel has started a Web site to give its lenders on-line access to rate sheets, manual updates, and management reports. Page 10

CARDS

Capital One chose D'Arcy Masius Benton & Bowles as its new advertising agency. Page 11

DIGITAL FRONTIERS

On-Line banking: The head of Hewlett-Packard's financial services division is clear about his goal. "We're fighting to be No. 1 in Internet banking," he says. Page 12

TECHNOLOGY

A realization that $200 billion of revenue is up for grabs-with nonbanks in the hunt-gave participants in the Nacha Payments '99 conference reasons to cheer and to worry. Page 13

MARKETS

The FASB voted to eliminate pooling of interests, an accounting method that has fueled the merger boom in the banking industry. Page 22

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