Today's News

WASHINGTON

INVESTORS should expect smooth trading from the securities industry when computers make the year-2000 change, the SEC chairman said. Page 2

NATIONAL/GLOBAL

ECHOING the moves of a host of U.S. investment banks, Bank of America opened its first equities sales and trading unit in Europe. Page 5

COMMUNITY/REGIONAL

SOME NONOIL Texas banks say their stock has suffered on the mistaken idea that they lend to oil companies. Page 6

INVESTMENT PRODUCTS

TWO MONTHS after its asset management arm touted bold plans for expansion, Countrywide said it is selling the unit. Page 9

OPPENHEIMERFUNDS has launched its first three mutual funds to be subadvised by Trinity Investment Management, the institutional asset manager that it bought this year. Page 9

MARKETS

WILSHIRE FINANCIAL Services fired its founder and chief executive officer, Andrew Wiederhorn, and its longtime president and co-founder, and put a turnaround expert in as CEO. The Oregon company underwent a bankruptcy restructuring this year that changed its board. Page 22

A NEW AVENUE may be opening for community banks seeking to tap the trust-preferred securities market. Page 22

THE BANK STOCK market continued its wide swings of recent days, falling as the market reopened after the Labor Day holiday. Back page

MORTGAGES

HOME EQUITY: Moody's has assigned an Aaa rating to asset-backed notes that Contimortgage issued using a structure that could set the pattern for troubled subprime issuers. Page 10

SMART CARDS

THE ADVANCED operating system bequeathed to the smart card world by the creators of Mondex gained a major endorsement in Australia. Page 11

A SPECIALIST in smart card devices for network security purposes has announced a series of card readers for various types of computers. Page 11

ELECTRONIC COMMERCE

TECHNOLOGY Page 13

ON-LINE BANKING

AN INTERNET bank is seeking growth by tapping the teenage market through an alliance with a Web site where youngsters go to shop. Page 14

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER