WASHINGTON

N.Y. Fed President William J. McDonough said the world is suffering its "most serious financial crisis since World War II" and warned the turmoil may become more severe in the coming months. Page 2

With Congress still scheduled to adjourn Friday, prospects for financial services reform legislation continued to defy prediction. Page 2

REGIONAL

The Internet may have opened new avenues to commerce, but it has also created headaches for human resources executives who must try to prevent its use for nonbusiness purposes. Page 6

INVESTMENT PRODUCTS

INSURANCE: With a national ad campaign, General Electric is trying to enlarge its stake in the crowded market for insurance and investment services and is stepping up its efforts to sell through banks. Page 8

CARDS

Capital One says its new World Championship Wrestling card ushers in a new generation of cobranding. Wrestling fans are "a slice of America," says president Nigel W. Morris, and the card's terms can be adjusted to accommodate the wide range of credit risks that they represent. Page 19

MORTGAGES

An alternative secondary market for residential mortgages is gaining momentum. Page 12

More than 1,000 executives of asset-backed securities operations flocked to a pair of conferences in Bermuda. Page 14

COMMUNITY

The consolidation wave that washed over Florida has turned the Tampa Bay area into a breeding ground for start-ups. Page 16

TECHNOLOGY

More trust institutions are outsourcing certain product lines and say they would outsource their entire trust operations, a survey found. Page 17

DIGITAL FRONTIERS

ELECTRONIC COMMERCE: If by Christmastime many bankers still do not know what an electronic wallet is, America Online will show them. Page 18

CORPORATE FINANCE

BankBoston got a bonus from its recent $800 million acquisition of Robertson Stephens-a mergers and acquisitions advisory shop. Page 21

MARKETS

Fleet plans to introduce a cobranded credit card with Lycos, an Internet search engine company. Back page

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