REGIONAL

Bank One designated a former First Chicago executive head of community reinvestment. Page 4

Bank of New York said it raised a performance estimate and will earmark $500 million for acquisitions this year. Page 4

COMMUNITY

The Labor Department charged that a St. Paul bank holding company and its trust affiliate shortchanged employees through a profit-sharing plan. Page 5

MORTGAGES

HOME EQUITY: The federal government accused Aames Financial of discriminating against its female employees. Page 6

INVESTMENT PRODUCTS

Fidelity Investments introduced a growth and income fund similar to one that was closed to new investors last spring. Page 8

WASHINGTON

A slew of applications for thrift charters were filed in the final days of 1998. Many applications may have been filed before yearend in case Congress decides to abolish the thrift charter. Lawmakers debated this move last year but adjourned without enacting any legislation. Page 2

After an eight-year crusade by credit card companies, the Internal Revenue Service will begin taking plastic Jan. 15. Page 3

DIGITAL FRONTIERS

SMART CARDS: Visa International has begun working with General Instrument to make smart cards compatible with cable television set-top boxes. Page 9

Swatch Group of Switzerland, the world's biggest watchmaker, announced a collaboration with Schlumberger Smart Cards and Terminals to insert transaction chips into watches. Page 9

CARDS

First Data is planning to close a division that sells credit reports to financial institutions, and as a result will drop any ambition to compete directly with the major credit bureaus. Page 10

TECHNOLOGY

Wang Global, the bank technology vendor that includes the old Olivetti branch automation company, hired a U.S. financial solutions group president. Page 12

MARKETS

No further top management changes are expected at Mellon Bank in the wake of a restructuring this week of the company's office of the chairman, said sources close to the bank. Page 22

BankAmerica said it has granted stock options to all employees. Page 22

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.