National City Corp. will use money left over from its year-2000 conversion for a long-term commitment to emerging technologies, the Cleveland banking company's CEO said Monday.
"We can now use the 'peace dividend' from Y2K to move to a new level of technology investment," chief executive officer David A. Daberko said at the annual shareholders meeting.
He did not say how much money was involved.
Mr. Daberko, who is also the company's chairman, used the meeting to highlight technology initiatives already in motion at $87 billion-asset National City.
These include a recent upgrade of the company's consumer banking Web site; a newly activated computer system for the leasing and syndication groups; and Private Investment Advisors, a recently launched private-investor Web site.
Private Investment Advisors offers investment management, brokerage, estate planning, trust services, private banking, and financial consulting online.
Mr. Daberko also discussed the National City Institute, which opened this week and "will immerse new employees in our service culture before they have customer contact," he said.
In other developments at the annual meeting, shareholders returned 17 members to the board of directors, updated the management incentive plan, and approved the selection of Ernst & Young LLP as corporate auditor.
National City earned $1.405 billion last year, for a ninth consecutive year of record profits, Mr. Daberko noted. Per-share profits of $2.22 were up 11% after adjustment for a two-for-one stock split in the form of a 100% stock dividend last July.
First-quarter results for 2000 are to be announced, on schedule, in the next few days, Mr. Daberko said.