The New York State Banking Department announced opposition to a proposed merger between two of Switzerland’s largest banks. In a letter to Federal Reserve Chairman Alan Greenspan, the acting superintendent of the New York State banking department, Elizabeth McCaul, said Swiss Bank Corporation and Union Bank of Switzerland had shown “seemingly inattentive regard for the depositors who fell victim to the Holocaust.” The banking department licenses and regulates the New York branches of foreign banks, but the Federal Reserve System has the sole power to approve foreign banks’ merger proposals.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
