FleetBoston Base Case

By Edward Cone  |  Posted 2002-04-12 Email Print this article Print

FleetBoston Financial's bottom line is getting hammered. So Fleet is using ERM technology to ensure its commercial bankers can act quickly to serve the needs of the most profitable customers.

FleetBoston Financial Corp. Base Case

Headquarters: 100 Federal Street, Boston, MA 02110

Phone: (617) 434-2200

Business: Diversified financial services, including commercial and retail banking

Chief Information Officer: John Snyder, CIO, Wholesale Banking

Financials in 2001: Assets, $203.6 billion; revenue, $12.8 billion; net income, $931 million

Challenge: Bring together in one portal both customer information and news with contact histories, costing tools, and other internal bank applications; to increase cross-selling of financial products to corporate customers; and to reduce administrative costs

Baseline Goals:

  1. Deploy sales portals to 3,000 commercial bankers by end of 2002
  2. Cut administrative costs by three times eFinance project cost
  3. Boost net income of Wholesale Banking unit from $1.2 billion a year, in part to compensate for losses in other operations

Senior Writer and author of the Know It All blog

Ed Cone has worked as a contributing editor at Wired, a staff writer at Forbes, a senior writer for Ziff Davis with Baseline and Interactive Week, and as a freelancer based in Paris and then North Carolina for a wide variety of magazines and papers including the International Herald Tribune, Texas Monthly, and Playboy. He writes an opinion column in his hometown paper, the Greensboro News & Record, and publishes the semi-popular EdCone.com weblog. He lives in North Carolina with his wife, Lisa, two kids, and a dog.

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