WASHINGTON

Private investment managers would be selected for the President's proposed retirement savings accounts, administration officials said. Page 2

California Federal vowed to appeal the "flawed" decision that resulted in an award of just $23 million in damages in its regulatory goodwill case. Page 2

NATIONAL/GLOBAL

Fierce competition for graduating college and MBA students is making many commercial banks bypass the top schools and go straight to the second tier for job candidates. Page 7

INVESTMENT PRODUCTS

United Community of Youngstown, Ohio, said it is buying Butler Wick, a local full-service investment firm. Page 11

MORTGAGES

Joe K. Pickett's HomeSide Lending, fresh from planting the flag of American-style mortgage banking in Australia, has now set its sights on Europe. The Jacksonville, Fla., company would start servicing the loans of its parent, National Australia Bank, then seek other partners in the European Union. Page 13

Escalating delinquency has made investors in securitized home equity loans more selective. Page 14

COMMUNITY/REGIONAL

The NCUA seized a New York credit union, saying the board failed to perform its fiduciary duty. Page 12

TECHNOLOGY

Citigroup's global operations and technology unit hired an Eli Lilly executive as head of global information technology. Page 19

CARDS

Speaker after speaker at Faulkner & Gray's credit card forum noted that major banks have left the business recently, concentrating loans among just a handful of issuers. Page 20

DIGITAL FRONTIERS

Intelidata Technologies and Home Financial Network, two on-line banking software firms, said they would combine under the name Spherys. Page 21

MARKETS

Fannie Mae and Freddie Mac announced they would purchase loans underwritten on systems other than their own. Page 30

Firstar of Milwaukee is Wall Street's newest bank stock favorite, with a 12-month consensus price target that equals a 137% growth rate. Back page

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