When cutting costs is not enough

Even after a wave of mergers and takeovers there are still 7,000 banks in the US. No-one doubts that consolidation is the way to go but the fate of recently merged banks suggests that it has to be based on something more substantial than cost-cutting. The emergence of e-commerce hammers home the point that revenue growth is still crucial. Antony Currie reports.

First Union: getting the blues up north

Wells Fargo – worth a second look

A broker’s bank analyst is in Pennsylvania, visiting local money managers. Each of them has the same joke to tell. As a result of First Union buying CoreStates – which was the third-largest bank in the state behind PNC and Mellon Bank – a local sports centre sponsored by CoreStates is to change its name. Instead of being called “CoreStates Arena” it will become known as “FU Arena”.

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