WASHINGTON Glass-Steagall repeal, financial modernization, and banking-commerce integration were among the topics that got a thorough going-over at the Jerome Levy Economics Institute in upstate New York. Page 3 TECHNOLOGY ON-LINE BANKING: Netscape Communications has pulled the plug on its Internet payment system, LifePayment. Page 4 Sovereign Bancorp hired Electronic Data Systems to run the latest version of its Internet-based banking services. Page 4 COMMUNITY BANKING A western Tennessee banking company this summer will midwife a new bank, marking the culmination of a unique expansion strategy. Page 10 MARKET MONITOR Bank stocks roared back to life, fueled by benign economic statistics from the Labor Department and strong earnings reports. Back page Kerry Killinger, CEO of Washington Mutual, told shareholders at the annual meeting that they own stock in what is fast becoming the premier banking company in the West. "We would be making the same statements had we not intended to enter into an agreement with Great Western," he said. Page 26 CORPORATE FINANCE Paine Webber Real Estate Securities is leading a group of banks and nonbank lenders in a syndicated loan package for Patriot American Hospitality. Page 11 HSBC Investment Bank Asia formed a group to focus on trans-Pacific mergers and acquisitions and corporate finance. Page 11 MORTGAGES First American Real Estate Information Services, which performs specialized tasks for mortgage servicers, hired a former MGIC Investment executive as chief operating officer. Page 12 Mortgage companies are using technology to shave costs, but some are not reducing or shifting staff to maximize savings, a survey showed. Page 13 INVESTMENT PRODUCTS Barnett hired a training director for its asset management group. Page 14 Capital Bank of Miami hired a senior vice president in charge of international private banking to boost its offerings of alternative investments. Page 14 CREDIT/DEBIT/ATMs Experian, the credit data company formerly known as TRW, bought Direct Marketing Technologies, which builds and maintains corporate data bases. Page 16 National Processing, a unit of National City, reported net income that was down nearly 94% for the first quarter. Page 16
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