Calif. Governor Names Bank Commissioner
WASHINGTON - Donald R. Meyer on Monday will become California's commissioner of financial institutions, succeeding acting Commissioner Jan Owen.California Gov. Gray Davis appointed Mr. Meyer, executive vice president and general counsel at Unionbancal Corp., on April 5. Mr. Meyer, 57, has worked at the San Francisco-based banking company since 1988.
The appointment requires confirmation by the state Senate, and at least one community group plans to protest.
"Ms. Owen had the support of both the banking industry and the community at large," said Robert Gnaizda, general counsel and policy director for the Greenlining Institute. "We don't need a banker who will look to the 20th century and not the 21st."
- Kevin Guerrero
FleetBoston Unit Hangs Shingle in Atlanta
SAN FRANCISCO - FleetBoston Financial Corp.'s Robertson Stephens unit has opened an office in Atlanta to market its investment banking services to emerging growth companies in the area.The office is headed by Jonathan Goldman, 35, and Ed McCrady, 36, who joined Robertson on March 31. Both bankers were formerly managing directors focusing on technology and health-care companies at the Atlanta equities firm Robinson-Humphrey, a subsidiary of Citigroup Inc.
Within six to 12 months the office will also include a representative for Robertson's private client services group. The Atlanta opening represents the firm's first physical presence in the Southeast, where it has been developing relationships with companies like the healthcare systems provider WebMD, which it advised on a merger with Healtheon to create Atlanta-based Healtheon/WebMD Corp.
- Laura Mandaro
J.P. Morgan Hires Citi Exec for Equity Unit
NEW YORK - J.P. Morgan announced Thursday that it had hired Quinten Stevens from Citigroup Inc.'s Salomon Smith Barney unit to head its U.S. equity capital markets business.Mr. Stevens, 36, previously ran Salomon's highly ranked telecommunications, media, and technology equity capital markets group, which has led deals such as Global Crossing's $399 million initial public offering.
In the first quarter, Salomon was the fifth-largest underwriter of U.S. IPOs; J.P. Morgan was the 11th.
He succeeds Andrew Wilson and Kevin Willsey, who were co-heads of U.S. equity capital markets. They joined Bear Stearns & Co. and Goldman Sachs Group, respectively, earlier this year.
Mr. Stevens joined J.P. Morgan on Wednesday. He reports to Timothy Main, global head of equity capital markets.
- Laura Mandaro
Citigroup Boosts Travelers Property Bid
Citigroup Inc. said Thursday it has increased the purchase price in its tender offer for all the publicly-held shares of Travelers Property Casualty Corp. from $41.50 to $41.95 per share in cash.Citigroup also said that it and Travelers Property Casualty reached a preliminary settlement of shareholder suits opposing Citigroup's cash tender offer and the merger transaction currently pending before the Delaware Chancery Court.
The preliminary settlement, which Citi said is subject to the execution of a definitive settlement agreement and judicial approval, would provide for a release of the claims asserted in the lawsuits.
