Internet brokerage firms break into banking

Article Abstract:

Facing the biggest single threat to their survival so far, banks are seeing their turf being intruded on by online brokerage firms. When many brokerage firms went online with their Internet services, many also decided to get into offering banking services and loan application processes directly online. Now, many companies with roots in the brokerage business have begun branching into offering full packages of banking and financial services, including loans and insurance. The development threatens to steal customers away from traditional banks, which have been slow to embrace the Internet. Online brokers can offer customers an easy, cheap way to compare rates for products such as car loans or home mortgages over the Internet, and turn those products into commodities.

Comment:

As brokerage firms increasingly go online with Internet, they have also been expanding into offering regular banking services

Company Planning/Goals, Services introduction, All Other Information Services, Securities Brokerage, Electronic Banking Svcs, Home Banking Service, Stockbrokers, Electronic banking, Home banking, Article

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Fleet Financial to acquire BankBoston; stock swap of $16 billion would create leader in New England region

Article Abstract:

In a $16 billion stock swap, BankBoston Corp. will be acquired by Fleet Financial Group Inc. creating FleetBoston Corp., the eighth largest US bank. Some deposits will probably have to be divested in order to gain regulatory approval. BankBoston's chairman and CEO, Chad Gifford, will be president and COO of the new bank.

Comment:

New name after merger of BankBoston and Fleet Financial

Commercial Banks, Asset sales & divestitures, Acquisitions & mergers, Organizational history, Banking industry, Management, Mergers, acquisitions and divestments, FleetBoston Financial Corp., BankBoston Corp., BKB, Quick and Reilly Inc., FLT

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