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American Banker is the online version of the influential daily
newspaper, American Banker, and contains the full text of the
editorial coverage of the publication. All aspects of banking
and the entire range of financial services are reported.
For over 150 years, the American Banker has been keeping the
world informed with accurate, authoritative and perceptive
reporting on all areas of the banking and financial services
industry.
All issues affecting the industry are reported and major areas
of coverage include:
- Bank Earnings & Performance
- Commercial Banking
- Credit Card Operations
- Investment Management
- Technology Advances
- Trust Banking
- Merger and Acquisition Activities
- Legal Developments and Implications
- Regulatory Affairs & Decisions
- Marketing of Financial Services
- Global Moves & Strategies
- Mortgage Lending
- Industry Personnel Changes
BANK can supply answers to the following types of questions:
- What has been reported concerning the Big Bang?
- What kinds of financial services are being offered by
non-banks?
- Who is General Motor's current chairman?
- Supply commentary on recent indictments of Wall Street
arbitragers.
Records found in BANK may be news items, columns, feature
articles, corrections, letters to the editor, and some tabular
and statistical material. Articles attributed to other news
services such as UPI & Reuters and display advertisements, that
appear in the printed publications, are not included in the
database.
1 BANK
Accession number & update
9001190116 9001.
Occurrences
PARAGRAPH
AN (1)
Author(s)
Byline: By JAMES R KRAUS.
Title
Canada Bank Eyes U.S. for Growth.
Source
American-Banker, 900119, Vol: 155, No: 13, Pg: 13 .
Publication year
90.
Dateline
NEW YORK.
Notes
Matthew W. Barrett, photo.
Artucke type
News article.
Section heading
International News.
Length
556 WORDS.
Text
1 OF 10.
Bank of Montreal plans a major expansion in the United States
that is to include acquisitions and improving profitability at
its Harris Bankcorp unit, said Matthew W. Barrett, the bank's
new chairman. Speaking at the bank's annual meeting in Montreal
this week, Mr. Barrett, 45, said he plans to double earnings
from U.S. operations so that they eventually account for 50% of
the bank's profits, up from about 25% now.
2 OF 10.
Mr. Barrett said the profit increase will come from the bank's
Chicago based subsidiary, Harris Bankcorp, and from
acquisitions. He ruled out acquiring a U.S. thrift but did not
otherwise elaborate on his plans. Sharp Earnings Drop.
3 OF 10.
Bank of Montreal, officially based in Montreal but maintaining
its executive offices in Toronto, earned $44 million, or 3.4
cents a share, in the fiscal year ended Oct. 31. Earnings were
crimped by a $1 billion reserve for sour Third World loans.
Profit was $470 million, or $4.15 a share, in the 1988 fiscal
year. It is the 10th-largest banking company in North America
and second-largest in Canada, with more than $60 billion in
assets.
4 OF 10.
Analysts speculated that Bank of Montreal would most likely
target a large retail-oriented bank, probably in the Midwest or
Northeast, to complement its corporate banking operations in
the United States. Management could be tightened at Harris, the
analysts said. It was one of the worst-performing U.S. banking
companies of its size last year, with a 0.63% return on average
assets as of June, according to the Austin, Tex. based
Seshunoff Information Services Inc., an affiliate of American
Banker.
5 OF 10.
"What they're looking at are ways to streamline expenses and
increase revenues at Harris, " said Patricia Meredith, an
analyst with Wood Gundy Inc. in Toronto. "Harris' problem is
that it's in corporate banking but its fees and commissions are
nowhere near the level of a Bankers Trust or J.P. Morgan."
Harris' '89 Profit Down.
6 OF 10.
Harris reported Thursday that it earned $52.3 million in 1989,
down from $90.1 million in 1988. The decline was primarily due
to a special $50 million addition to its allowance for
possible losses on Third World loans.
7 OF 10.
Mr. Barrett, who was named chief executive in July, replaced
William D. Mulholland, 63, who retired. Analysts predicted
that Mr. Barrett would face several handicaps. His new team is
young and inexperienced, they said, and is taking over just as
the North American economy is slowing.
8 OF 10.
F. Anthony Comper, elected president Monday, is 44. Jeffrey S.
Chisolm, executive vice president and treasurer, is 40. Alan
G. McNally, executive vice president and group executive, is
44. Big Third World Exposure.
9 OF 10.
Bank of Montreal, they also noted, has the second-greatest
Third World loan exposure among Canadian banks, with $3.9
billion in credits. It has also steadily lagged other Canadian
banks in profitability. By its own estimate, it cost Bank of
Montreal 10% more to earn a dollar than other big Canadian
banks spend.
10 OF 10.
Analysts attributed the flight of talented executives to Mr.
Mulholland's abrasive, autocratic 15-year reign. Mr. Barrett
should help improve morale, they said.
Born in County Meath, Ireland, Mr. Barrett joined Bank of
Montreal in London when he was 18. He was appointed president
and chief operating officer in November 1987. Copyright (C)
1990 American Banker Inc., New York, N.Y., USA.
Label/description Example
AN Accession number 1_: 9001190116.AN.
& update - see Limit options -
OC Occurrences - Display only -
AU Author(s) 2_: JAMES WITH KRAUS.AU.
TI Title 3_: HSBC.TI.
SO Source 4_: AMERICAN-BANKER.SO.
DATE= Publication date 5_: DATE=19990726
MONTH= Publication month 6_: MONTH=199907
YR Publication year
YEAR= Publication year 7_: YEAR=1999
DL Dateline 8_: PARK ADJ CITY.DL.
NT Notes 9_: SUPPLEMENT.NT.
AT Article type 10_: TABULAR ADJ MATERIAL.AT.
HD Section heading 11_: EXECUTIVE ADJ CHANGES.HD.
LE Length - Display only -
TX Text 12_: CHARLES ADJ BRADY.TX.
1_: SUPREME ADJ COURT
DATE Publication date YYYYMMDD 2_: ..L 1 DATE>19980726
MONTH Publication month YYYYMM 3_: ..L 1 MONTH EQ 199807
YEAR Publication year YYYY 4_: ..L 1 YEAR WL 1998,1999
UDATE Update date YYYYMMDD 5_: ..L 1 UDATE GT 19990622
UMONTH Update month YYYYMM 6_: ..L 1 UMONTH<199906.
SHORT AN AU TI SO YR DL LE
MEDIUM AN AU TI SO YR DL LE
LONG AN AU TI SO YR DL LE HITS
ALL AN OC AU TI SO YR DL NT AT HD LE TX
FREE AN OC AU TI YR DL NT AT HD LE
Example: ..P LONG 2,3,4.
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