Surprises at First Chicago and First Pennsylvania
Conversations in the banking community last week had the strange ring of corporate slapstick: "Who's on First? Which First?" In a stunning move the board of directors of the First National Bank of Chicago fired both its abrasive chairman, Robert Abboud, 50, and its obstinate deputy chairman, Harvey Kapnick, 54, after their short but stormy tenure together and sharp earnings slumps. On the same day, First Pennsylvania Bank announced that it was to receive a mammoth $1.5 billion loan package from the Federal Deposit Insurance Corporation and...
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