JAY TENENBAUM is trying to fulfill his prediction that Internet commerce will transform business. Page 18

WASHINGTON

REGULATORS have authority to tear down many barriers inhibiting competition among financial services companies, says the Bank Administration Institute. Page 2

CONGRESS appears ready to create a new type of security that could help banks securitize short-term loans. Page 4

CAREER TRACKS

LIAM McGEE, a rising star at BankAmerica, has given up a high-profile post as head of California retail banking to take a much less visible role running support services, a check processing and central purchasing unit. Page 5

COMMUNITY BANKING

ILLINOIS' FBOP Corp. plans to buy SDNB Financial Corp. for $26.6 million, widening its foothold in the San Diego area. Page 7

INSURANCE

COMMERCIAL UNION Life has hired its first marketing executive to hawk annuities and life insurance products through banks. Page 8

FIRST NATIONWIDE is counting on estate planning seminars to spark life insurance sales to its wealthiest customers. Page 8

INVESTMENT PRODUCTS

BANK TRUST and investment management units, eager to keep up with nonbanks in the competition for wealthy clients, have gone on a hiring binge. Page 10

AMERICAN SKANDIA, a leading seller of annuities to banks and brokerages, will soon offer 401(k) retirement plans for small and midsize companies. Page 11

MORTGAGES

THE VENTURE capital arm of Donaldson, Lufkin & Jenrette Securities Corp. has signed a letter of intent to sell its controlling stake in First Franklin Financial Corp. Page 14

CREDIT SCORING may be all the rage among lenders and the mortgage agencies, but Wall Street investors are seen taking a wait-and-see attitude. Page 14

CREDIT/DEBIT/ATMs

PROVIDENT BANK of Cincinnati has added an unusual card to its arsenal - MeritValu, a customer-loyalty vehicle for merchants. It is expressly not a credit card. Page 16

AMDAHL, a name that many in the electronics industry associate with old- style mainframe computers, is diving headlong into the very new business of smart cards. Page 16

FINANCE

OTHER THRIFTS in California got no stock-price boost from news that American Savings is being sold for $1.2 billion to Washington Mutual of Seattle. Back page

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