WASHINGTON

REQUIRING BANKS to issue subordinated debt could improve market discipline, according to three Chicago Fed economists. Page 2

NATIONAL/GLOBAL

COMMERCIAL FEDERAL of Omaha's profits fell short of forecasts. That will increase pressure to sell the $12.7 billion-asset thrift company, analysts say. Page 3

COMMUNITY/REGIONAL

NEW YORK CITY banks say the tax cut passed last week by the state Legislature should be supplemented by a city cut. Page 4

BOK FINANCIAL and some top shareholders plan to sell five million shares by yearend. The extra liquidity is expected to help the Oklahoma banking company make acquisitions. Page 4

INVESTMENT PRODUCTS

BANK ONE released details of plans to merge private banking into its asset management arm, as several large banking companies have already done. Page 6

VANGUARD is playing down speculation that a leadership clash is the reason its founder may leave the board at yearend. John Bogle will presumably step down at yearend because of the company's policy requiring directors to leave at age 70, the company said. Mr. Bogle turned 70 in May. Page 6

MORTGAGES

A POLICY STATEMENT by the MBA warning that Fannie Mae and Freddie Mac may be encroaching on lenders' turf was milder than expected. Page 7

THE KEY to staying ahead in the mortgage business is service, not price, says Chase Manhattan Mortgage's national production manager. Page 7

CARDS

LEGISLATIVE restrictions on the use of customer information may be widely underestimated, a lawyer writes. Banking companies should be developing compliance programs to avert both monetary penalties and severe harm to their reputations, he says. Page 8

TECHNOLOGY

BANK OF BERMUDA turned to a public key infrastructure system from Entrust Technologies to secure on-line communications and to authenticate employees and customers. Page 10

CHASE MANHATTAN shares received a cautious endorsement from an analyst at Deutsche Bank Alex. Brown. He says they offer an opportunity at their current price -- but are not for the faint of heart. Back page

DEUTSCHE BANK may lose its role as the manager for $50 billion of New York City pension fund assets. Back page

VIEWPOINTS Page 5

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