DOCSLIB.ORG

Fleetboston Financial

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

1999 Summary Annual Report Diversified Strengths. Dynamic Opportunities. Table of Contents 1 Summary of Earnings 2 Letter to Shareholders 5 Diversified Strengths. Dynamic Opportunities. 6 Retail Banking 10 Money Management 14 International Banking 18 Wholesale Banking 24 Financial Overview 28 Board of Directors 29 Officers 30 Principal Operations 31 Stockholder Information 1999 saw the combination of BankBoston Corporation and Fleet Financial Group. This new financial services powerhouse — FleetBoston Financial — creates an exceptional company for shareholders and a compelling, full-service franchise for customers, combining Fleet’s sophisticated set of consumer, money management, and commercial banking capabilities with BankBoston’s nationally recognized corporate, investment, and global banking businesses. Our strong, diverse business mix will create growth and value, resulting in dynamic new opportunities for shareholders and customers alike. The theme of this year’s Summary Annual Report — “Diversified Strengths. Dynamic Opportunities.” — captures the promise of our new company and the excitement and optimism we have for the future. Summary of Earnings Dollars in millions, except per share amounts 1999 1998 For the Year Total revenue $ 13,773 $ 11,735 Noninterest expense 8,255 6,832 Provision for credit losses 933 850 Net income – operating 2,798 2,459 Merger and related charges and other special items, net of tax 760 135 Net income $ 2,038 $ 2,324 Per Common Share Diluted earnings $ 2.10 $ 2.41 Market price (year-end) 34.81 44.69 Cash dividends declared 1.11 1.00 Book value (year-end) 15.96 14.70 At Year-End Assets $190,692 $177,894 Securities 25,212 23,369 Loans 119,700 112,094 Reserve for credit losses 2,488 2,306 Deposits 114,896 118,178 Short-term borrowings 18,106 19,176 Long-term debt 25,349 14,411 Total stockholders’ equity 15,307 14,204 Ratios Return on average common equity 14.12% 17.64% Return on average assets 1.0 8 1.37 Common dividend payout ratio 51.51 40.15 Net interest margin 4.23 4.40 Common equity-to-assets (year-end) 7.6 6 7.60 Average total equity-to-assets 7.82 8.03 Selected Financial Highlights – Operating Basis 1999 1998 Per Common Share Diluted earnings $ 2.91 $ 2.55 Ratios Return on average common equity 19.52% 18.69% Return on average assets 1.4 8 1.44 Efficiency ratio 60.0 58.2 Chad Gifford, President and COO Terry Murray, Chairman and CEO Dear Shareholder: The histories of two of America’s most respected financial institutions converged in 1999 with the merger of Fleet Financial Group and BankBoston Corporation to form FleetBoston Financial. With operating earnings of nearly $3 billion in 1999, we have already established ourselves as a world-class competitor and powerful revenue generator, a new brand of growth company with enormous potential to create value for customers and shareholders alike. Early last year, when we began discussing • Return on equity rose to 19.52 percent, and a possible merger, we had high expectations. return on assets climbed to 1.48 percent. The year’s consolidated financial results, • Of special significance, revenues soared 17 despite intense merger planning and the percent over the prior year, to approximately challenges of business integration, have $14 billion, with fee income accounting for outpaced our optimistic vision. 51 percent of total revenues, demonstrating Net income for 1999 was $2.0 billion, or the diversification and balance this new $2.10 per share, which included merger- and franchise represents. restructuring-related expenses of $760 mil- lion (after-tax), versus $2.3 billion, or $2.41 Driven by Diversification per share, for 1998. One of the compelling reasons for the What excites us even more is how we creation of FleetBoston Financial is the performed before these expenses: breadth of its resulting business portfolio. • Operating earnings for 1999 were a record We benefit from the power of the company’s $2.8 billion, or $2.91 per share, a 14 percent diversified earnings stream, where no single increase over 1998. source accounts for more than 20 percent of earnings. The power of the resulting balance at cyclical lows along with the rest of the 1999 Pro Forma Earnings Mix was evident, as businesses operating in all industry. Economic concerns, especially rising (Post-Divestiture) sectors of our markets posted strong results. interest rates, have weighed heavily on finan- Commercial Mortgage & • Propelled by strong revenue growth, our cial-sector stocks, particularly banks. The Finance 14% Credit Card 10% Global Banking and Financial Services relative valuation of bank stocks has now Commercial Banking 19% Investment business recorded a 47 percent earnings reached its lowest level in more than five years, Services 13% gain, reflecting, in large part, outstand- with average price-to-earnings multiples ing performance in our corporate and falling to half that of the S&P 500. We investment banking, principal investing, remain confident that, as we successfully international, and money management areas, execute our merger integration, complete and a rebound from the world economic the industry’s largest branch divestiture, problems of 1998. and continue to deliver strong financial • Commercial and Retail Banking posted performance, we will attract increased earnings growth of 15 percent, with investor interest. We continue to enjoy excel- Deposit-Taking Businesses 18% increases in our commercial banking, lent support from the analyst community: Other 4% Investment commercial finance, and retail and small more than 80 percent of the analysts who Banking 4% Principal business units. In an environment of rising cover us rated our stock as a “Buy” or Investing 8% Latin America 10% interest rates, we also generated increases “Outperform” at year-end 1999. in short-term deposits, a profitable and critical source of liquidity for Fleet. Shaping FleetBoston Financial • Our National Consumer business posted FleetBoston Financial creates shareholder a 68 percent earnings gain. This was due value by providing a more comprehensive in large part to the strength of the business set of services to more customers. To turnaround we engineered in our credit BankBoston’s customers, the alliance brings a card business, acquired from Advanta in superior array of technologically sophisticated LETTER TO SHAREHOLDERS 3 1998, and the strong performance of Fleet and innovative cash management, brokerage, Mortgage Group. and consumer banking products. To Fleet’s Our integration is well under way and customers, the combination delivers paceset- on track to deliver the financial benefits we ting electronic banking access, nationally predicted. We projected annual savings of recognized investment banking and capital $600 million, and, during the first three markets capabilities, and access to some of months of operations, had already realized the world’s most dynamic global markets. an annualized equivalent of $100 million. The result is a financial institution armed As mandated by our regulators, we will be with five critical success competencies — divesting 306 branches in New England, rep- retail banking, money management, inter- resenting the sale of $13 billion in deposits. national banking, commercial banking, and Our only disappointment during the investment banking — which are highlighted year has been our stock price. Despite our in the feature section of this report, begin- strong performance and the substantial ning on page 5. progress we continue to make in combining We were among the first financial insti- our two organizations, our stock price has not tutions to recognize the sweeping power reflected this success and has been trading of the Internet, and continue to move aggressively to exploit the opportunities it teams and boards in the financial services offers. Information Week recognized Fleet industry. We are delighted by the high degree and one of our subsidiaries, Fleet Capital of teamwork exhibited by this unified group. Leasing, as an “E-Business 100” company. For years, we respected one another as Our corporate “e-catalyst” is rapidly and competitors. Now we are discovering that, aggressively developing a comprehensive as we learn from one another and work strategy around the Internet and coordinat- together as partners, we are an exceptionally ing the innovative e-commerce initiatives of powerful alliance. each line of business, including leveraging Finally, of critical importance to all our the power of our own electronic platforms efforts, from the ongoing integration to the and forging groundbreaking partnerships long-term success of FleetBoston Financial, with companies that are shaping the future are the talents of our employees. As a of the Internet. winning, growing, global company, Fleet Our determination to ensure that a creates significant and attractive career world-class bank remain headquartered in opportunities in an environment that is New England was one of the driving forces productive and supportive of employees’ behind our merger. Both banks had long needs. As in all aspects of the combination, records of innovative community involve- we have adopted best practices from each ment. Working closely with community organization. We have upgraded employee stakeholders, we made a five-year commit- policies, compensation, and benefits ment of $14.6 billion, which includes programs; expanded training and leadership specific initiatives targeted to low- and mod- development opportunities; and continued erate-income families, small businesses,
Recommended publications
  • Page 1 of 9 CEO May Be Rethinking Bofa's 'Crown Jewel'

    Page 1 of 9 CEO May Be Rethinking Bofa's 'Crown Jewel'

    CEO may be rethinking BofA's 'crown jewel' - Daily Report Page 1 of 9 • Law.com Home • Newswire • LawJobs • CLE Center • An incisivemedia website Welcome Megan My Account | Sign Out Get premi 3:17 P.M. EST Subscribe Thursday, February 05, 2009 Rec Home News Sections Court Opinions Court Calendars Public Notices Bench Boo Search Site: help News Articles Court Opinions Court Calendars Public Tuesday, January 13, 2009 Re CEO may be rethinking BofA's 'crown jewel' Lewis faces culture clash with retail bank's acquisition of Merrill Lynch By Edward Robinson, Bloomberg News Al When Kenneth Lewis, chief executive officer of Bank of America Corp., unveiled the acquisition of Merrill Lynch & Co. on Sept. 15, he called its 16,000-strong brokerage group the firm's “crown jewel.” Only a month later, the brokers were rebelling against their new parent. M Members of the Thundering Herd were steamed over the Bank of America • F employment contract they were asked to sign. Merrill was part of an industry • D group that let departing brokers who joined another member firm take their clients • H with them. The contract suggested that Bank of America might not join the group or honor the agreement. • L • E The advisers ridiculed their incoming retail banking bosses as “toaster salesmen” who didn't appreciate the bonds of the broker-client relationship. Some advisers AP threatened to walk, with their customers in tow, before the contract could go into effect, says a Merrill broker with 25 years of experience who requested Courtesy Bloomberg News confidentiality. Kenneth Lewis has been ridiculed by incoming Merrill Lewis, who has never displayed much affection for Wall Street, saw his $40.4 Lynch advisers as a “toaster billion acquisition devolving into a confrontation with the very people he'd praised salesman” who doesn't as Merrill's No.
  • In Re: Fleetboston Financial Corporation Securities Litigation 02-CV

    In Re: Fleetboston Financial Corporation Securities Litigation 02-CV

    Case 2:02-cv-04561-GEB-MCA Document 28 Filed 04/23/2004 Page 1 of 36 NOT FOR PUBLICATION UNITED STATES DISTRICT COURT FOR THE DISTRICT OF NEW JERSEY Civ. No. 02-4561 (WGB) IN RE FLEETBOSTON FINANCIAL CORPORATION SECURITIES LITIGATION O P I N I O N APPEARANCES: Gary S. Graifman, Esq. Benjamin Benson, Esq. KANTROWITZ, GOLDHAMER & GRAIFMAN 210 Summit Avenue Montvale, New Jersey 07645 Liaison Counsel for Plaintiffs Samuel H. Rudman, Esq. CAULEY GELLER BOWMAN & COATES, LLP 200 Broadhollow Road, Suite 406 Melville, NY 11747 Co-Lead Counsel for Plaintiffs Joseph H. Weiss, Esq. WEISS & YOURMAN 551 Fifth Avenue, Suite 1600 New York, New York 10176 Co-Lead Counsel for Plaintiffs Jules Brody, Esq. Howard T. Longman, Esq. STULL, STULL & BRODY 6 East 45 th Street New York, New York 10017 Co-Lead Counsel for Plaintiffs 1 Case 2:02-cv-04561-GEB-MCA Document 28 Filed 04/23/2004 Page 2 of 36 David M. Meisels, Esq. HERRICK, FEINSTEIN LLP 2 Penn Plaza Newark, NJ 07105-2245 Mitchell Lowenthal, Esq. Jeffrey Rosenthal, Esq. CLEARY, GOTTLIEB, STEEN & HAMILTON One Liberty Plaza New York, NY 10006 Attorneys for Defendants BASSLER, DISTRICT JUDGE: This is a putative securities class action brought on behalf of all persons or entities except Defendants, who exchanged shares of Summit Bancorp (“Summit”) common stock for shares of FleetBoston Financial Corporation (“FBF”) common stock in connection with the merger between FBF and Summit. Defendants FBF and the individual Defendants 1 (collectively “Defendants”) move to dismiss Plaintiffs’ Consolidated Amended Complaint (“the Amended Complaint”) pursuant to Federal Rule of Civil Procedure Rule 12(b)(6).
  • Corporate Decision 2004-9

    Corporate Decision 2004-9

    O Comptroller of the Currency Administrator of National Banks Central District Office One Financial Place, Suite 2700 440 South LaSalle Street Chicago, Illinois 60605 Corporate Decision #2004-9 May 18, 2004 June 2004 Robert L. Freedman, P.C. Silver, Freedman & Taff 1700 Wisconsin Ave., N.W. Washington, D.C. 20007 Subject: Application to convert First Security Federal Savings Bank into FSFSB, N.A.; Application to merge FSFSB, N.A. with and into MB Financial Bank, N.A. under the title and charter of the latter. Charter Number 13684. Application Control Number: 2004-CE-02-003 Dear Mr. Freedman: This is to inform you that as of the date of this letter the Office of the Comptroller of the Currency (“OCC”) approved the application to convert First Security Federal Savings Bank, Chicago, Illinois (“FSB”), into FSFSB, N.A., and retain its branches after the conversion, and the application to merge FSFSB, N.A., with and into MB Financial Bank, N.A., Chicago, Illinois (“MBFB”), under the charter and title of the latter, pursuant to the OCC’s authority under 12 U.S.C. § 215a. The main office of MBFB will continue to be the main office of the merged institution. The OCC also approved MBFB’s request for the resulting bank to retain FSFSB, N.A.’s main office and branches, as well as MBFB’s branches, as branches after the merger under 12 U.S.C. § 36(b)(2). MBFB is a wholly owned subsidiary of MB Financial, Inc. (“MB”), a Maryland corporation and a financial holding company, headquartered in Chicago, Illinois.1 FSB is a wholly owned subsidiary of First SecurityFed Financial, Inc.
  • Fleetboston Financial Savings Plan Bank of America Corporation 50 Kennedy Plaza Providence, RI 02903

    Fleetboston Financial Savings Plan Bank of America Corporation 50 Kennedy Plaza Providence, RI 02903

    Table of Contents SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 11-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-6523 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: FleetBoston Financial Savings Plan Bank of America Corporation 50 Kennedy Plaza Providence, RI 02903 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Bank of America Corporation Bank of America Corporate Center Charlotte, NC 28255 Table of Contents FleetBoston Financial Savings Plan Financial Statements and Supplemental Schedule for the Year ended December 31, 2003 Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm Consent of ERNST & YOUNG LLP, Independent Registered Public Accounting Firm Table of Contents FleetBoston Financial Savings Plan Financial Statements and Supplemental Schedule Year ended December 31, 2003 Contents Report of Independent Registered Public Accounting Firm 1 Report of Independent Registered Public Accounting Firm 2 Audited Financial Statements Statements of Net Assets Available for Benefits 3 Statement of Changes in Net Assets Available for Benefits 4 Notes to Financial Statements 5 Supplemental Schedule * Schedule H, Line 4i, Schedule of Assets (Held at End of Year) 16 * Other Supplemental Schedules required by Section 2520-103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
  • USCOURTS-Ca9-09-35307-1.Pdf

    USCOURTS-Ca9-09-35307-1.Pdf

    Case: 09-35307 01/18/2011 ID: 7614842 DktEntry: 67 Page: 1 of 67 FOR PUBLICATION UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT VANESSA SIMMONDS, Plaintiff-Appellant, v. CREDIT SUISSE SECURITIES (USA) LLC; JPMORGAN CHASE & CO., a Delaware corporation, successor in interest to Hambrecht & Quist and Chase Securities Inc.; BANK OF No. 09-35262 AMERICA CORPORATION, a Delaware D.C. No. 2:07-cv- corporation, successor in interest 01549-JLR to Fleetboston Robertson Stephens, Inc.; ONVIA INC., a Delaware corporation formerly known as Onvia.com Inc.; ROBERTSON STEPHENS, INC.; J.P. MORGAN SECURITIES INC., Defendants-Appellees. In Re: SECTION 16(b) LITIGATION 821 Case: 09-35307 01/18/2011 ID: 7614842 DktEntry: 67 Page: 2 of 67 822 SIMMONDS v. CREDIT SUISSE SECURITIES VANESSA SIMMONDS, Plaintiff-Appellant, v. DEUTSCHE BANK SECURITIES INC.; FOUNDRY NETWORKS INC., Nominal No. 09-35280 Defendant, a Delaware D.C. Nos. corporation; MERRILL LYNCH 2:07-cv-01566-JLR PIERCE FENNER & SMITH 2:07-cv-01549-JLR INCORPORATED; J.P. MORGAN SECURITIES INC., Defendants-Appellees. In Re: SECTION 16(b) LITIGATION VANESSA SIMMONDS, Plaintiff-Appellant, v. MERRILL LYNCH & CO. INC., Defendant, and No. 09-35282 D.C. Nos. FINISAR CORPORATION, Nominal Defendant, a Delaware 2:07-cv-01567-JLR 2:07-cv-01549-JLR corporation; MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED; J.P. MORGAN SECURITIES INC., Defendants-Appellees. In Re: SECTION 16(b) LITIGATION Case: 09-35307 01/18/2011 ID: 7614842 DktEntry: 67 Page: 3 of 67 SIMMONDS v. CREDIT SUISSE SECURITIES 823 VANESSA SIMMONDS, Plaintiff-Appellant, v. MORGAN STANLEY & CO., No. 09-35285 INCORPORATED; LEHMAN BROTHERS, D.C.
  • Staff Study 174

    Staff Study 174

    Board of Governors of the Federal Reserve System Staff Study 174 Bank Mergers and Banking Structure in the United States, 1980–98 Stephen A. Rhoades August 2000 The following list includes all the staff studies published 171. The Cost of Bank Regulation: A Review of the Evidence, since November 1995. Single copies are available free of by Gregory Elliehausen. April 1998. 35 pp. charge from Publications Services, Board of Governors of 172. Using Subordinated Debt as an Instrument of Market the Federal Reserve System, Washington, DC 20551. To be Discipline, by Federal Reserve System Study Group on added to the mailing list or to obtain a list of earlier staff Subordinated Notes and Debentures. December 1999. studies, please contact Publications Services. 69 pp. 168. The Economics of the Private Equity Market, by 173. Improving Public Disclosure in Banking, by Federal George W. Fenn, Nellie Liang, and Stephen Prowse. Reserve System Study Group on Disclosure. November 1995. 69 pp. March 2000. 35 pp. 169. Bank Mergers and Industrywide Structure, 1980–94, 174. Bank Mergers and Banking Structure in the United States, by Stephen A. Rhoades. January 1996. 29 pp. 1980–98, by Stephen A. Rhoades. August 2000. 33 pp. 170. The Cost of Implementing Consumer Financial Regula- tions: An Analysis of Experience with the Truth in Savings Act, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. The staff members of the Board of Governors of the The following paper is summarized in the Bulletin Federal Reserve System and of the Federal Reserve Banks for September 2000. The analyses and conclusions set forth undertake studies that cover a wide range of economic and are those of the author and do not necessarily indicate financial subjects.
  • Participant Bios Forum 2018 Revised

    Participant Bios Forum 2018 Revised

    Indiaspora Leadership Forum 2018 Thinkers, Doers, Givers Bios Meenakshi Abbi joined RPA’s San Francisco office in May 2012 as a member of the Sponsored Projects & Funds team. She manages a portfolio of projects and donor collaboratives focused on a range of issues including education, diversity, improving philanthropy, impact investing, and other issues. Prior to her current role at RPA, Meenakshi worked at Tides for over four years as a program manager for fiscally sponsored 501(c)(3) and 501(c)(4) projects, and helped re-launch Tides Advocacy Fund. She was also Director of the Small Business Development Center Technology Advisory Program, a nonprofit dedicated to helping small businesses effectively utilize technology. Meenakshi holds a Bachelor’s degree in Computer Science. Her passions include civic engagement, financial inclusion, and social justice. She is on the advisory board of Fund the People, Justice Strategies and is the co-chair of Asian American Pacific Islanders in Philanthropy San Francisco’s Steering Committee. Qamar Adamjee, Malavalli Family Foundation Associate Curator of Art of the Indian Subcontinent at the Asian Art Museum in San Francisco, joined the museum in 2009. She received her PhD and MA in art history from New York University and an MBA in marketing from the Institute of Business Administration, Karachi (Pakistan). Before coming to the Asian, Adamjee worked in the Islamic department at The Metropolitan Museum of Art. Adamjee’s key interests lie in the intersections of art and culture and in connections between the past and our present. A specialist in Indian and Persian paintings, she has written, lectured, and organized exhibitions on subjects as diverse as Islamic art, Hindu and Sikh art, 19th-century photography, painting, and prints, Indian paintings, sculpture, and contemporary art.
  • First Quarter 2004

    First Quarter 2004

    First Quarter 2004 Continued low interest rates and improved credit quality helped Second, competition has squeezed margins in traditional commercial banks to report outstanding performance during the first quarter of banking. This causes banks to look for alternative sources of revenue 2004. The nation’s largest banks earned a return on average assets by offering their customers a greater variety of financial services under 1 (ROA) of 1.3 percent, while community banks reported an ROA of one roof, presumably at lower cost (scope economies). 1.2 percent. The economic recovery has contributed to improved asset A large number of studies have examined economies of scale and 2 quality, manifested in fewer delinquencies and charge-offs, especially scope in banking. The overall conclusion of empirical studies on scale in commercial and industrial (C&I) loans. The Federal Reserve Board efficiencies is that there appears to be little or no improvement in cost recently reported that the delinquency rate on all types of loans de- efficiency from bank mergers except at small banks with assets of up to clined to 2.19 percent, the lowest level since the end of 2000. The $100 million. The evidence on scale economies at large banks is mixed. delinquency rate for C&I loans declined from 3.8 percent in 2002 to On the one hand, greater bank size implies the potential for improved 2.87 percent last quarter. Similarly, the charge-off rate for C&I loans diversification at a given level of return, and enhanced diversification fell from its recent peak of 2.16 percent in the fourth quarter of 2001 reduces the cost of risk management.
  • These Are the Media Networks Which Has a 90% Approval Rate. We Are

    These Are the Media Networks Which Has a 90% Approval Rate. We Are

    These are the media networks which has a 90% approval rate. We are quite certain that we can place your press release(provided its under the guidelines) to all these sites. 1. Newsday Media Group 2. The Boston Globe 3. The International Business Times 4. The San Francisco Chronicle 5. The Star Tribune 6. Business Insider 7. Houston Chronicle 8. Daily Herald 9. CBS News 10. The Miami Herald 11. The San Jose Mercury News 12. The Sun News 13. The Kansas City Star 14. WCCO-TV Minneapolis 15. United Press International (UPI) 16. Star-Telegram.com 17. CBS Chicago 18. CBS Baltimore 19. The Columbus Dispatch 20. The News & Observer 21. WRAL.com 22. StreetInsider.com, Inc. 23. Contra Costa Times 24. El Nuevo Herald 25. The Olympian 26. NewsOK 27. The Daily Breeze 28. Minyanville Media 29. The Sacramento Bee 30. The Press-Enterprise 31. El Paso Times 32. The Long Beach Press-Telegram 33. Breaking Media 34. The Lexington Herald-Leader 35. The Time Union 36. The Los Angeles Daily News 37. The Wichita Eagle 38. Remark Media 39. The Sun Herald 40. Pasadena Star-News 41. Minnesota Public Radio News 42. The Anchorage Daily News 43. AFB Media LLC 44. The News Tribune 45. Bay Area News Group 46. The Bellingham Herald 47. Whittier Daily News 48. Centre Daily Times 49. The State 50. The San Diego Union-Tribune 51. The Buffalo News 52. Best Growth Stock LLC 53. San Gabriel Valley Tribune 54. Redlands Daily Facts 55. Scripps Interactive Newspapers Group 56. Digital Media Wire, Inc 57.
  • 09-35262.Pdf

    09-35262.Pdf

    FOR PUBLICATION UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT VANESSA SIMMONDS, Plaintiff-Appellant, v. CREDIT SUISSE SECURITIES (USA) LLC; JPMORGAN CHASE & CO., a Delaware corporation, successor in interest to Hambrecht & Quist and Chase Securities Inc.; BANK OF No. 09-35262 AMERICA CORPORATION, a Delaware D.C. No. 2:07-cv- corporation, successor in interest 01549-JLR to Fleetboston Robertson Stephens, Inc.; ONVIA INC., a Delaware corporation formerly known as Onvia.com Inc.; ROBERTSON STEPHENS, INC.; J.P. MORGAN SECURITIES INC., Defendants-Appellees. In Re: SECTION 16(b) LITIGATION 821 822 SIMMONDS v. CREDIT SUISSE SECURITIES VANESSA SIMMONDS, Plaintiff-Appellant, v. DEUTSCHE BANK SECURITIES INC.; FOUNDRY NETWORKS INC., Nominal No. 09-35280 Defendant, a Delaware D.C. Nos. corporation; MERRILL LYNCH 2:07-cv-01566-JLR PIERCE FENNER & SMITH 2:07-cv-01549-JLR INCORPORATED; J.P. MORGAN SECURITIES INC., Defendants-Appellees. In Re: SECTION 16(b) LITIGATION VANESSA SIMMONDS, Plaintiff-Appellant, v. MERRILL LYNCH & CO. INC., Defendant, and No. 09-35282 D.C. Nos. FINISAR CORPORATION, Nominal Defendant, a Delaware 2:07-cv-01567-JLR 2:07-cv-01549-JLR corporation; MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED; J.P. MORGAN SECURITIES INC., Defendants-Appellees. In Re: SECTION 16(b) LITIGATION SIMMONDS v. CREDIT SUISSE SECURITIES 823 VANESSA SIMMONDS, Plaintiff-Appellant, v. MORGAN STANLEY & CO., No. 09-35285 INCORPORATED; LEHMAN BROTHERS, D.C. Nos. INC.; BANK OF AMERICA 2:07-cv-01568-JLR CORPORATION; ROBERTSON 2:07-cv-01549-JLR STEPHENS, INC.; AVANEX CORPORATION, Defendants-Appellees. In Re: SECTION 16(b) LITIGATION VANESSA SIMMONDS, Plaintiff-Appellant, v. CREDIT SUISSE GROUP, a global bank headquartered in Zurich, Switzerland formerly known as Credit Suisse First Boston No.
  • Introducing the 2010 Venture Capital

    Introducing the 2010 Venture Capital

    Zynga Investor Sandy Miller: IPO Pricing More Art Than Science LinkedIn Inc. melted the tech IPO market deep freeze A. It’s more art right now. We’re very early in this new when it debuted last month, warming the way for other robust IPO market. As we move into more of a cycle the high-growth consumer Internet companies in efficiency of pricing improves because there are more registration such as daily deals site Groupon Inc., music comparables. streaming service Pandora Inc. and online vacation- rentals company HomeAway Inc. Now, social gaming Q. Any thoughts on the pricing of LinkedIn, Groupon companies Zynga Inc. and PopCap Games Inc. are or others now coming out of the gate? planning their entries to the public markets. A. Companies are always priced as compared to public Institutional Venture Partners comparables, presumably at some discount. The General Partner Sandy Miller, market loves growth and that’s why these companies an investor in Zynga, was are getting premium valuations. The bulk of tech mum on the FarmVille portfolios today (for major mutual funds) are in big cap creator’s plans, but he did companies that are no longer growth companies. speak with Venture Capital Microsoft would be the extreme example of what was Dispatch about his thoughts once a great growth company is no longer a fast on the IPO market heating grower. up. Q. So there’s pent up demand growth companies from investors? Having opened the San Francisco office for Merrill A. Yes. It creates differentiation in the technology fund Sandy Miller Lynch and Donaldson, Lufkin if they have a meaningful position in a tech IPO.
  • Consolidation and Merger Activity in the United States Banking Industry from 2000 Through 2010

    Consolidation and Merger Activity in the United States Banking Industry from 2000 Through 2010

    Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Consolidation and Merger Activity in the United States Banking Industry from 2000 through 2010 Robert M. Adams 2012-51 NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Consolidation and Merger Activity in the United States Banking Industry from 2000 through 2010 Robert M. Adams1 August 8, 2012 Abstract This study investigates trends in consolidation and merger activity in the United States banking industry from 2000 through 2010. Over this period, the U.S. banking industry has consistently experienced over 150 mergers annually, with the largest banking organizations holding an increasing share of banking assets. While the industry has undergone considerable consolidation at the national level, local banking markets have not experienced significant increases in concentration. The dynamics of consolidation raise concerns about competition, output, efficiency, and financial stability. This study uses a comprehensive proprietary data set to examine mergers and acquisitions involving banks and thrifts. The methodology in this paper expands the definition of mergers to include more types of transactions than previous studies on bank mergers. Keywords: Banking, Mergers, Antitrust 1Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.