the ALL program has been run on this file


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


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


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


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


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


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


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


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


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


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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