WASHINGTON

A House subcommittee voted along party lines to advance legislation overhauling the bankruptcy code to the Judiciary Committee. Page 2

Bank revenue from derivatives rebounded sharply in the fourth quarter as turmoil in the capital markets subsided, the OCC said. Page 3

COMMUNITY/REGIONAL

As banks combine charters, debate continues over whether they will pay a price in customer loyalty. Page 7

INVESTMENT PRODUCTS

Merrill Lynch plans to rake in another $4 billion of assets to administer this year under the newly appointed head of its personal trust business. Page 8

NATIONAL/GLOBAL

Union Bank of California has embarked on an effort to get its efficiency ratio down to 55%. As many as 40 managers will scrutinize every business unit. Page 4

Assets held by the top 25 finance companies surged 17.6% last year, reflecting mergers, growth in lending, and the companies' inability to sell assets in the secondary market because of a capital crunch later in the year. Cost-cutting and consolidation hit the industry's front lines, with the work force at the companies cut by one-third. Page 4

High-yield investors are going further downstream than they were two weeks ago, when they were mesmerized by the $3 billion issue for Charter Communications International. Page 4

MORTGAGES

EXECUTIVES at the Mortgage Bankers Association of America technology conference in Chicago this week were told to get on-line or risk obsolescence. Page 10

DIGITAL FRONTIERS

The privately held digital security company Spyrus added electronic wallet software to its portfolio of payment and security technologies. Page 12

TECHNOLOGY

Credit Management Solutions received a patent for its system of transmitting credit applications from loan originators to funding sources. Page 13

MARKETS

Bank and brokerage stocks rallied, fueled by a strong earnings report from Morgan Stanley Dean Witter. Analysts said the report suggested the financial sector has rebounded from the turmoil of last fall. Back page

Citigroup said that it would buy Source One Mortgage from Fund American Enterprise Holdings in a deal that would nearly double the bank's home loan volume. Back page

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