Reported by Star-Bulletin staff & wire
Monday, November 25, 1996
Reported by Star-Bulletin staff & wire
Monday, November 25, 1996
Shares of BankAmerica Corp., parent company of Bank of America Hawaii, soared today on a favorable report by a Wall Street analyst. BankAmerica’s stock
up on analyst’s reportThe stock rose $5.75 to close at a 52-week high of $103.50 in heavy trading on the New York Stock Exchange today. The stock was popular after Smith Barney analyst Henry C. Dickson raised his price target for the stock to $115 a share, from $110, according to Bloomberg Business News. San Francisco-based BankAmerica operates about 2,000 branches throughout the western United States.
CLEVELAND - KeyCorp, one of the nation's top banking companies, said today it will eliminate 2,700 jobs, or about 10 percent of its work force, next year as it folds 140 branch offices into other branches. KeyCorp to eliminate
2,700 jobs nationwideCleveland-based KeyCorp also plans to sell another 140 branches in primarily rural areas as part of its restructuring plan. That will leave it with about 1,000 branch offices.
KeyCorp ranks among the nation's 15 biggest banking companies with $65 billion in assets. The company said it would charge $100 million against earnings in the fourth quarter for the moves, which are part of its plan to become a single nationwide bank. KeyCorp is composed of a network of 12 banks.
HOUSTON - Electric utility Duke Power Co. will acquire natural gas distributor PanEnergy Corp. for $7.7 billion in stock, the latest combination of an electric company with a gas pipeline operator. Duke Power to hook up
with PanEnergy Corp.The combined company will be known as Duke Energy and would rival the pending combination of Enron Corp. with Portland General Corp. as the biggest gas and electric company.
Charlotte, N.C.-based Duke serves 1.8 million customers in North Carolina and South Carolina. But the deal is more about breaking out of old boundaries to offer electricity and gas to big companies in several regions of the country as restrictions are relaxed. Houston-based PanEnergy operates mostly in the Midwest and Northeast and is the third largest gas marketer in the country.