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Posted by Don (64.203.129.94) on March 17, 2004 at 02:09:19:

Today’s top headlines.
Bank fraud, layoffs, and gazillionaire CEO’s…..

Just to bring a bit of perspective to things.


Bank of America Corp. and FleetBoston Financial Corp. yesterday struck an unusual joint deal with securities regulators that will cost the banks $675 million to settle charges that they had defrauded shareholders by allowing select investors to improperly trade in their mutual funds.


Bank of America Plans Job Cuts Of Up to 13,000
By CARRICK MOLLENKAMP
Staff Reporter of THE WALL STREET JOURNAL
March 17, 2004; Page A3
Bank of America Corp. is planning to cut as many as 13,000 jobs as it completes its acquisition of FleetBoston Financial Corp., according to people familiar with the expense cuts.

The job cuts would come through layoffs and attrition from the operations of both banks and will begin in April to coincide with the expected completion of Bank of America's $48 billion purchase of Fleet, according to these people. The job cuts, which range from 12,000 to 13,000, amount to about 7% of Bank of America and Fleet's combined work force of 181,000.

In advance of the shareholder meetings, the two banks agreed to pay $675 million to settle civil-fraud charges related to improper mutual-fund trading. The settlement was reached with the U.S. Securities and Exchange Commission and New York Attorney General Eliot Spitzer.


Citigroup's Weill Received Bonus
Of $29 Million in Cash for 2003
By JATHON SAPSFORD
Staff Reporter of THE WALL STREET JOURNAL
March 17, 2004; Page C3
Citigroup Inc. became the latest company to disclose handsome payouts for its top executives, with Chairman Sanford "Sandy" Weill receiving a 2003 cash bonus of $29 million, according to the bank's shareholder proxy statement filed with the Securities and Exchange Commission.

Overall, Mr. Weill was given a package of more than $30 million for 2003, including salary and other compensation, the proxy said. The package compares with the roughly $18 million in stock options and other compensation Mr. Weill received for 2002, when he volunteered to forgo a cash or stock bonus because of a lackluster stock performance.

Mr. Weill, who sold several million shares in Citigroup last fall, still owns roughly 16.5 million shares in Citigroup. That stake, with a market value of more than $800 million, earns Mr. Weill millions of dollars in dividends each year.



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