SPECIAL REPORT
Investments in global mutual funds have been rising rapidly over the last few years. Despite the turmoil in international markets in recent weeks, experts say the buildup will continue because the motivations for overseas investment remain the same: diversification and the potential for faster growth in other markets. Supplement
WASHINGTON
At the America's Community Bankers annual convention, the topic on nearly everyone's tongue was rescuing the thrift charter. Page 2
REGIONAL BANKING
A plan by First Union to commit $2 billion by 2001 to community reinvestment in Virginia, Maryland, and the District of Columbia has not satisfied local community groups. Page 4
Citicorp unveiled an umbrella account that industry watchers said could raise the bar on so-called relationship banking. Page 4
COMMUNITY BANKING Page 6
7blurb
The Federal Reserve Board is changing the review process for "shell" bank holding companies. Page 6
CORPORATE FINANCE
In the decade since commercial banks won Fed permission to underwrite and deal in securities, the number of banks with so-called section 20 subsidiaries has grown nearly ninefold. Page 7
INVESTMENT PRODUCTS
Federated Investors of Pittsburgh is turning over its mutual fund accounting, financial administration, and reporting to State Street. Page 9
MORTGAGES
It may be just a bargaining ploy, but Kerry K. Killinger, chairman of the acquisitive Washington Mutual, says he's not interested in buying thrifts whose main selling point is that they operate in the same areas as Washington Mutual. Page 11
CREDIT/DEBIT/ATMs
FLEET CARDS: Now that Visa has begun issuing fleet cards through an alliance with Ford affiliate Voyager USA, each major card brand now has a fleet partner - and the race is on to supply a largely untapped market. Pages 12, 13
TECHNOLOGY
Forrester Research has concluded that Microsoft poses a threat to the banking industry - but not in the ways that wary bankers have been expecting. Page 15
MARKET MONITOR
Wheat First is paying $350,000 to members of its corporate finance department to provide a fairness opinion in the brokerage's merger with First Union. Page 22
Mercury Finance, the subprime auto finance company that was once the industry's bellwether, is awash in $904 million of debt and has just over two months to come up with a definitive plan for its future. Page 24
