ABC Evening News for Tuesday, Dec 29, 1981
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(Studio) Merger of Sears Roebuck and Dean Witter Reynolds, stock broker firm, reported
(NYC) Entry of Sears Roebuck into financial market considered forerunner of Sears entry into financial services supermarket Roles of Caldwell Banker and Dean Witter Reynolds noted. Merger of Prudential Ins. Company and Bache brokerage firm recalled, as well as American Express, Fireman's Fund and Shearson Loeb Rhoades. [American Express vice chairperson Louis GERSTNER - speaks of mergers.] Fin. conglomerates said hoping to simplify customers financial transactions. [Merrill Lynch Vice President Paul STEIN - speaks of 1-stop financial shopping.] Merrill, Lynch role as innovator noted. [League of Savings Assns. William O'CONNELL - says nation will not be run by super banks.] Banks said seeking change in present financial regulations. [Manufacturers Hanover chairperson John McGILLICUDDY - seeks competition on equal footing.] Reagan administration said pushing to liberalize banking regulations. [Deputy Treasury Secretary Tim McNAMAR - speaks of consumer interest.] [STEIN - predicts winners and losers.] Consumer said to be winner.
REPORTER: Michael Connor
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