WARBURG SHOOTS DOWN SALE RUMOR
THE U.S. HEAD of Warburg Dillon Read, Richard Capone, flatly denied speculation that the Swiss banking company UBS is interested in selling the investment banking unit. Page 6
NATIONAL COMMERCE of Memphis won approval to underwrite corporate bonds and other debt securities through a subsidiary. Page 2
THE SIZE and local focus of community banks does not relieve them of the need for sound risk management practices, Comptroller Hawke warned. Page 2
THINNER MARGINS, mergers, and the disappearance of 11 currencies in favor of the euro are pushing foreign exchange trading into fewer hands. Page 5
FIRST UNION has installed commercial cash management software from M&I Data Services. Page 18
INSURANCE: Bank One has begun selling an annuity exclusively via its Internet site. Annuity chief Glen Milesko said it is a first for a bank's on-line storefront. Fees for the product, called eAnnuity, will be lower because there are no broker commissions. Page 8
FIXED ANNUITIES are roaring again. Third-quarter bank sales of the retirement products were up 17% from the second quarter. Page 10
FANNIE MAE has launched an issuance program for short-term debt to give investors three- and six-month securities on a more regular basis. Page 12
HELLER is aggressively building up its hotel lending when others are avoiding it. Page 13
TWO TECHNOLOGY companies plan Web sites at which banks, corporations, and fund managers can execute capital market trades. Page 20
PROVIDIAN Financial's stock tumbled on news that Connecticut's attorney general is investigating the company's credit card operations. Back page
SOVEREIGN shareholders are expected to lose 20% of their stake as the company sells equity to buy 268 branches being spun off by FleetBoston. Page 29
FIRST CHARTER of Concord, N.C., announced an agreement to buy Carolina First for $260 million in stock. Back page
