BoA and FleetBoston merger: 3rd largest US Bank
Washington DC: The Federal Reserve has given approval to a Bank of America and FleetBoston Financial Corp merger which will create the third-largest US bank, behind only the Citigroup and another proposed bank merger between Chicago-based Bank One and J P Morgan Chase in terms of its assets. This proposed entity will hold nearly $1 trillion in assets. The central bank's approval removes the last major regulatory hurdle for the combination, which has already received clearances by the Justice Department and the Federal Trade Commission.
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Black ousted as Telegraph head
London: Publisher Conrad Black has been dismissed as chairman of the Telegraph Group. The board of the London-based newspaper group took the action against Black in the face of a judgement by Judge Leo Strine in the US state of Delaware, who blocked Black's plan to sell control of Hollinger International to the Barclay brothers of Britain, saying Black had consistently breached his duties to the company.The Daily Telegraph, The Sunday Telegraph and The Spectator magazine, are part of the stable of the Telegraph group.
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