the ALL program has been run on this file

WEEKLY REPORT: INTERNATIONAL

John E. Cleghorn, chairman of Royal Bank of Canada, believes he must have the size promised by the planned merger with Bank of Montreal to compete in North America. "We want to stay ahead of the blowtorch," he says of the armadas of U.S. competitors he sees advancing across Lake Ontario. Page 16

WASHINGTON

The days of free deposit insurance may be dwindling for thrifts. Page 2

COMMUNITY

Bank trade groups are supporting a plan that would relax restrictions on banks and thrifts sharing top personnel. Page 7

CARDS

Comerica Inc. has begun offering a MasterCard fleet card to customers of Donlen Fleet Management Services. Page 9

INVESTMENT PRODUCTS

As third-quarter mutual fund statements land in mailboxes around the country, investors are getting their first hard look at how market volatility has hit their accounts. Page 11

MORTGAGES

The CEO of Countrywide Home Loans says big players stand to benefit from the market shakeout, which has battered subprime lenders and bruised mortgage-backed securities. Page 12

DIGITAL FRONTIERS

ON-LINE BANKING: Eight of the biggest and most influential commercial banks in the world said they will form a joint venture to manage and promote a digital certificate system for validating business customers over the Internet. Page 13

TECHNOLOGY

Microsoft consolidated several financial services Web sites into one as it strengthens its bid to be a major entry point to the Internet. Page 14

CORPORATE FINANCE

A key piece of financing for the planned merger of Jefferson-Smurfit and Stone Container seems to be on track, a lender familiar with the loan said. Page 25

MARKETS

The four-day bank stock rally inspired by Federal Reserve's surprise interest rate cut ran out of steam. Back page

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