Republicans have kicked their tax-cut drive into high gear, but banking lobbyists said that their effort to win tax breaks for small banks this year faces tough odds. Page 2


Northern Trust's nationwide expansion isrunning ahead of schedule, says its chairman. Page 6


Russia's financial crisis continues to wreak havoc on world markets, but a San Francisco community bank has benefited from a sudden influx of deposits by Russian companies. Page 7


One of the credit card industry's top executives predicted an accelerated consolidation over the next five years. Page 9

Vital Processing Services unveiled a service package designed to make credit card acceptance over the Internet faster and easier for merchants. Page 10


Paul Hazen's rocky tenure as Wells Fargo CEO will end with a lucrative pay package from Norwest. According to a regulatory filing, Mr. Hazen, who agreed June 8 to sell Wells, is to be compensated at least as highly as Richard Kovacevich, the Norwest CEO who will head the combined company. Page 38

Bank stocks reaped the benefit of a broad rally, as the volatile market swung strongly into positive territory. Back page


Mutual fund companies are seeing a modestbut welcome increase in sales opportunities as bank acquisitions bring small institutions into the investment products fold. Page 14

Retail investors at Fleet's discount brokerage subsidiaries are not stampeding for the exits. In fact, there have been more buyers than sellers. Page 14


Investors are hunting for bargains in mortgage-backed securities, but fear of prepayments has sent some running for safer positions. Page 18


ELECTRONIC COMMERCE: Wells Fargo is giving 80,000 of its clients, mostly small businesses, anotherreason to pitch their products over the Internet. Page 22


A week before the Starr report flooded the Internet, Societe Generale was dealing with its own problemrelated to unseemly electronic material. Page 23


Mellon Bank said it is close to selling its commercial mortgage business, including $17 billion of servicing rights. Page 37

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