American Banker

American Banker is a Monday to Friday daily trade newspaper owned and published by SourceMedia, Inc. American Banker is headquartered in New York, N.Y. and was first published in 1836. Readers of American Banker are primarily high ranking banking executives and those with billions of dollars in assets. Seventy percent of American Banker readers hold senior management positions and 66 percent come from financial institutions, with 55.8 percent of those working in the commercial and retail banking sectors. Twenty-one percent of the readership control assets totaling $50 billion and above. The newspaper is published across the United States.In the 1960s, then-editor William E. Zimmerman traveled around the United States reporting on the civil rights movement by asking African-Americans what they needed from the banking industry and in turn interviewing local bankers to find out what services they were providing for African-Americans.In 1988, American Banker reported that the Japanese have the 10 largest banks in the world and that the U.S. banks, for the first time in three decades, were knocked out of the top 25 due to the falling dollar. Citibank, the largest bank in the U.S. at the time, fell from the 17th largest bank in the world to 28th, with $101.1 billion in deposits.American Banker was also the first national publication to report extensively on the fall of Penn Square Bank in Oklahoma City. Marc Hochstein is the Executive Editor, John DelMauro is the Vice President and Group Publisher, Richard Melville is the Group Editorial Director, Banking, and John DeCesare is the Group Publisher.

Articles from Vol. 173, No. 166, September 8

ABN Amro Updates Web Bank Software after Hackers Score
ABN Amro, embarrassed Sunday by a Dutch TV show that revealed how hackers had cracked its PC banking software, is distributing new versions. Hackers pretending that they were from the bank's help desk sent e-mail polluted with a virus to some HomeNet...
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Activists Flunk the Fed in Fight against Predators
Community activists charged that the Federal Reserve has done the least among financial regulators to curb predatory lending. At a public hearing held by the Fed in San Francisco Thursday, activists said the central bank has failed to use resources...
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AMEX Has Disposable Answer for Web Privacy
American Express Co. introduced a product Thursday that will let its cardholders make purchases online without transmitting their actual account numbers. Private Payments will be available to Amex consumers and small-business cardholders free of...
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Banks Need to Go Where Customers Lead Them in Web Product Cyberwar
Banks still need to watch their backs. By moving core services online and praying for customer loyalty, banking institutions survived initial attacks from pure-play Internet banks. But here they come again. Emboldened by last year's repeal of...
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Banks Stop Whining, Learn to Love Aggregation
The banking industry has changed its mind about account aggregation. At the end of last year, most banks refused to even supply their customers' information to aggregation companies, let alone agree to work with them. Now banks are giving their...
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Campaigns Tap the Industry for $94M: Banks, Insurers, Securities Firms Give Lavishly but in Different Ways
With control of the White House and the House of Representatives on the line, the political parties are sparing no expense in the November elections, and their favorite source for campaign contributions is financial services firms, which donate more...
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Citigroup-Associates Deal A Global Middle-Class Play
Citigroup's $31 billion deal to buy Associates First Capital Corp. appears to be driven by a vision shared by John S. Reed -- its ex-chief executive -- that revenues would multiply by selling products to a burgeoning middle-class population overseas....
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Competitive Landscape Changes for VerticalOne
VerticalOne has made a name for itself in the account aggregation field by providing services for well-known Web portals such as CNBC.com, Onmoney.com, ivilliage.com and Go.com. A March report by Celent Communications described VerticalOne -...
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DC Speaks: Banks Should Not Fear Gore, Camp Claims
Vice President Gore did not win over any bankers Wednesday by unveiling an economic plan that promised tougher enforcement of community reinvestment requirements and a crackdown on predatory lenders, and that hinted at mandatory affordable accounts....
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Ececutive Changes
MIDDLE ATLANTIC Delaware Distributors LP, the principal underwriter and national distribution arm of Philadelphia-based Delaware Investments, has hired John Ring as senior vice president and national sales manager of its retail retirement plans...
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In Brief: B of A Launching $100M Ad Campaign
Bank of America Corp. said Thursday that it will begin the largest brand advertising campaign in its history this month, spending approximately $100 million in television, radio, and print advertising over the next year. The ad campaign is one of...
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In Brief: Savings Bill Clears Senate Panel
Legislation to broaden retirement savings opportunities sailed through the Senate Finance Committee on Thursday, putting the measure on the fast track for full Senate approval within the next three weeks. Committee Chairman William V. Roth Jr. expanded...
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In Insurance, Focus on Client, Not Product, for Best Results
As more insurance agencies run to the arms of commercial bankers who are panting at the thought of insurance revenue, it is worth considering whether one plus one equals more than two, or a negative number. The two financial distribution channels...
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Keefe Sees Buying Signal in Fannie, Freddie Hearing
Shares of Fannie Mae and Freddie Mac should dip dramatically in the next week or two -- and investors should buy when this happens, according to an analyst at Keefe, Bruyette & Woods Inc. Shares of the two government-sponsored enterprises that...
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KeyCorp, National Interbank to Offer Wireless Delivery
KeyCorp and National Interbank are the latest entries in the wireless banking sweepstakes. KeyCorp, of Cleveland, has announced that it will start a four- to six-month pilot test with 1,500 Key Bank Internet banking customers in the fourth quarter....
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Lee: Repair Inadequate Aggregation Regs
John Jin Lee, Wells Fargo Bank's legal eagle on Web aggregation, recently discussed the implications of outdated decades-old regulations governing the booming new business of account aggregation with reporter Michele Heller. Aggregation involves...
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Managing Time, Technology Helps Bankers Hit Sales Goals
Changes in the marketplace have forced banks to become more time-efficient. But they also have to forge better relationships with their most important clients. To do that, bankers need to get more out of the limited time they spend with or on behalf...
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More Banks Offer Real-Time Account Info
In the next 24 months, expect much retail bank marketing to start reading - or sounding - like this: "It's midnight, your family's asleep, and you finally have time to pay the bills. But what's this? You should have been paid today through direct...
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Nationwide Denies Hit If Estate Tax Repealed
Executives at Nationwide Financial are scrambling to counteract the impression that its sales would be hurt if the next administration in Washington revives a bill to repeal the estate tax. Though President Clinton vetoed the bill Congress sent...
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Non-Internet Firms Have Harder Time Winning Attention Than Web Start-Ups
To the Editor: An Aug. 25 article ("At the Movies: Popcorn, Flick, Internet CEO," page 1) quoted Internet Financial Network's CEO, Clifford T. Boro, as stating, "If Moses came down from the mountain he would have to spend $1 million in marketing...
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Quitting Subprime Spurs a Rebound at Cache of Colo
On the brink of failure two years ago, Cache Bank is getting back on its feet. In October 1998 the Federal Deposit Insurance Corp. slapped the Greeley, Colo., bank with a cease-and-desist order for its drastic losses on subprime automobile lending....
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Referrals Fall; Profits May Suffer
A steady decline in referrals from banking employees to investment staffs has some experts concerned that profit margins might follow. Bank-generated investment referrals averaged 1.1 per $1 million of retail deposits last year, according to the...
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Regulators vs. Accountants on Reserving for Losses
Federal bank and thrift regulators on Thursday said banks may reserve for loan losses by estimating future defaults, placing federal rules on a collision course with changing accounting standards. The four agencies, in proposed guidelines, said...
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Search for Perfect CRM Solution Remains Elusive
Though there are a vast offering of software and a broad array of execution plans, the perfect customer relationship management solution remains elusive to banks, and those that may have found a successful system are hesitant to reveal their secrets....
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Tech Spending Expected to Reach New Highs
Up, up, and away That summarizes industry expectations about the future of bank technology spending, which has shown no evidence of leveling off since 1995. "External technology expenditures by commercial banks have grown at roughly a compounded...
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Teknowledge Moves into Financial Services: Account Aggregation Software Provider Allied with 11 Banks
With roots going back to artificial intelligence development, aggregation software producer Teknowledge is using its strong research base to expand its financial services into Internet banking. Though the Palo Alto, Calif., company just began offering...
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Wachovia Case Has Ga. Banks Examining Power of Attorney
Georgia bankers say they may think twice about accepting power-of-attorney accounts, unless the state Supreme Court reverses a recent ruling against Wachovia Bank of Georgia. The Georgia Bankers Association has asked the Supreme Court to hear the...
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Wells and First Union Do Well by Doing Good
Wells Fargo & Co. and First Union Corp. are among a handful of financial services companies earning Community Reinvestment Act credits while using technology to sow new-business seeds in poor communities. Wells Fargo is literally bringing technology...
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Will OFX Be the Online Data Exchange Standard?
More than three years ago Microsoft Corp., Checkfree Corp., and Intuit Inc. banded together to devise an open framework for transmitting information on the Internet. That standard became known as Open Financial Exchange (OFX), and it established the...
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Yodlee Takes Lead in Aggregation World
Until a few months ago Yodlee.com meant little more to bankers than another start-up with a strange-sounding name. Then it started snapping up contracts with a series of high-profile financial institutions, helping to lead the industry - whether...
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