Newspaper article The Florida Times Union

World of Business

Newspaper article The Florida Times Union

World of Business

Article excerpt

NATIONAL

CREDIT BUREAU EQUIFAX TO SPLIT INTO 2 COMPANIES

Equifax, one of the nation's three major credit bureaus, will split itself into two independent companies, aiming to make its operations easier to understand and its stock more attractive to investors.

The company said yesterday it will spin its payment services division off from information services by next summer.

Equifax's payment services division processes about 2 billion transactions a year, managing about 30 million credit card accounts for its clients. The new payment-services company is so far unnamed.

Information services handles credit reports, the company's oldest line of business, and other services relying on Equifax's huge databases.

Each company will be headquartered in Atlanta, with its own management team, board of directors, sales force, payroll and market strategy, said Tom Chapman, Equifax's chairman and chief executive.

Equifax, Experian Inc. and Trans Union LLC are the three national consumer reporting agencies. Equifax employs 14,000 people, 2,000 of them in metro Atlanta. Chapman said no job cuts are expected.

FLEETBOSTON TO ACQUIRE SUMMIT BANCORP

FleetBoston Financial Corp. is buying Summit Bancorp for about $7 billion, replacing it as New Jersey's largest bank in a bid to market lucrative Internet banking and brokerage services to the state's wealthy residents.

FleetBoston plans to close 85 bank branches after the merger -- 75 in New Jersey and 10 in Connecticut -- but said it doesn't know how many employees will be affected. FleetBoston is currently the nation's eighth-largest bank with $181 billion in assets and 1,200 branches throughout New England.

A quarter of the nation's households that have $1 million or more of net worth are in New Jersey, Fleet officials said, and the bank hopes to tap into that base to market its financial management services. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.