| Business briefs
Bank of American tapped Glencoe resident David J. Rudis to provide business, civic and philanthropic leadership throughout Illinois. The former LaSalle Bank head of personal financial services will have the title of market president, and will have operational responsibility for checking and debit product strategy, management and integration. He will report to Susan Faulkner, deposits and student lending executive. He replaces John Brennan, who plans to pursue other opportunities following completion of his role with B of A's acquisition of LaSalle Bank. Rudis began his banking career at American National Bank in 1976. TOY RECALL FALLOUT: .
15 laid off as GreenPoint closes
Fifteen more employees at GreenPoint Mortgage Funding in Deerfield Beach have lost their jobs as a result of Capital One Financial Corp.'s decision to close its wholesale mortgage banking unit. In August, McLean, Va.-based Capital One (NYSE: COF - News) said it was shutting down its GreenPoint Mortgage unit, effective immediately. Last week, GreenPoint reported 15 layoffs at its 800 Fairway Drive location to the state, effective Nov. 15. In August, it reported 32 layoffs at the same location and 40 its Tampa location, at 1511 N. Westshore Blvd. .
The priorities are clear for Northern Rock
1. Depositors. Banks are different from other businesses, where customers shop at their own risk. The people who have placed their savings in Northern Rock need to know that their money is safe, not only to prevent another run on the bank but to ensure confidence in the banking system. It is in the general public’s interest that the depositors sleep easy at night. 2. Financial stability. The Government’s job is to address systemic risk. The chaotic collapse of a bank could easily prompt a run on others, paralysing the financial system and damaging the economy. Jobs and prosperity well beyond Tyneside are at stake. 3. Taxpayer funds. British citizens did not sign up to Northern Rock’s foolish business model, nor should they underwrite it. While Treasury money is not sacrosanct – i.e.
Market movers
NEW YORK -- Wall Street resumed its slide Monday after hearing a gloomy outlook for the banking sector as well as bleak news from the National Association of Homebuilders. The major stock market indexes each fell more than 1.5 percent, with the Dow Jones industrial average giving up more than 200 points. .
Wachovia has eye on growth
Lucia DiNapoli Gibbons, regional president of Wachovia for northern New Jersey for the last five years, and her colleagues relish the challenge of fierce competition in the New Jersey market. "I own the business results in this region," she said during a recent media round table at the Charlotte, N.C.-based bank's regional headquarters, where she talked about the bank's strategies for loan and deposit growth. Cherry Hill-based Commerce Bank, the fastest-growing lender in New Jersey, continues to build branches in North Jersey, as does the U.S. unit of London-based HSBC. Wells Fargo of San Francisco opened a commercial banking office in January in Short Hills and competes with Wachovia's commercial and small-business banking groups. According to the Federal Deposit Insurance Corp.'s latest statistics, Charlotte-based Bank of America had about a 14.8 percent share of deposits in New Jersey in mid-2006 and Wachovia had 11.6 percent, followed by Pittsburgh-based PNC with 8 percent and Commerce with 7.7 percent.
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