FleetBoston Financial Announces Expanded Internet Commitment
BOSTON--(BUSINESS WIRE)--Jan. 26, 2000--FleetBoston Financial (NYSE:FBF), already the operator of very successful online banking and brokerage businesses, today announced it is expanding its e-commerce commitment through the appointment of an ''e-catalyst'' and the establishment of an Internet Strategy Group (ISG).
Chad Gifford, president and chief operating officer, created the group and appointed Brian Moynihan, Fleet Boston Financial Corporation executive vice president, to lead the unit. Reporting to Moynihan, FleetBoston executive Blaise Heltai will play a major role as managing director of the ISG.
''We understand that we cannot simply continue business as usual,'' said Gifford. ''We know we must accelerate the speed of decision making and development to 'Internet time,' and that we must coordinate and consolidate some of the efforts that have emerged and will emerge.
''A model that exists within many companies - bringing together all e-commerce activities in a separate operating group under an 'e-czar'-- was one that was seriously considered,'' said Gifford. ''However, we concluded that the challenges and opportunities this e-commerce transformation presents are so fundamental to the future of our various businesses, the responsibility should belong to the operating units. We have supplemented their efforts by creating a strong, centralized source for strategic guidance, coordination, and resource allocation. So rather than a separate operating unit run by an e-czar, we have opted for the creation of a strategic unit run by Brian as our 'e-catalyst.' Moreover, we have asked Brian and Blaise to accelerate Fleet's efforts to Internet speed,'' added Gifford.
To facilitate quick decisions, Moynihan and Heltai will report directly to an executive panel that Gifford will chair, which includes President, Commercial and Retail Banking, Bob Higgins; President, Global Banking and Financial Services, Henrique Meirelles; Vice Chairman, National Financial Services and Administration, Jay Sarles; and Vice Chairman, Technology and Operations, Joe Smialowski.
Moynihan and Heltai will be responsible for committing and deploying corporate resources and establishing priorities. Among other initiatives, the two executives have launched a company-wide evaluation of all operating units, to be completed by May. The review will ensure that the business units have a strong response to the rapidly changing competitive environment, are creating new customer value propositions, and are accelerating the speed of idea development. The effort will highlight Fleet's strong international capabilities. A number of senior executives from Fleet's lines of business have also been tapped to be members of the ISG for the purpose of driving the review.
Moynihan, a seven-year Fleet veteran will continue to execute his existing role as the company's chief of Corporate Strategy, but will expend the majority of his energy on this new assignment. Heltai, who has been with Fleet for four years, moves from consumer and small business Internet responsibilities to the new corporate-wide strategic role.
FleetBoston reaches over one million customers online through its integrated banking and brokerage services. Its stand-alone brokerage services are available on Suretrade.com and QuickandReilly.com. Fleet Web Banking at Fleet.com, and BankBoston's HomeLink at BankBoston.com, provide a full complement of online banking services. Both offer up-to-the-minute account access for checking, savings, money market, CDs, credit card, mortgage, and loans. They also provide the ability to pay virtually anyone in the United States, and offer the ability to download account information to popular financial software.
FleetBoston Financial is the eighth-largest bank holding company in the United States. An $190 billion diversified financial services company, it offers a comprehensive array of innovative financial solutions to 20 million customers in some 20 countries. Among the company's key lines of business are: retail banking, with over 1,500 branches in the Northeast; commercial banking, including capital markets/investment banking and commercial finance; investment services, including discount brokerage; and full-service banking through more than 250 offices in Latin America. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF - news).
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