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Article: Fleet looks to put budget ax away
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 9, 1995
- Author:
CopyrightCopyright 1995 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Fleet Financial Group Inc. may give its budget-cutting ax a rest
for the first time this decade.
As Providence-based Fleet waited to complete its acquisition of
Shawmut National Corp., the region's largest banking company pitched
a new story to 90 invited stock analysts at a 5 1/2-hour presentation
in Boston yesterday.
Fleet, known for its deep and sometimes brutal budget cuts, was
pushing a business plan covering 1996 and beyond that depends on
generating more revenue from its franchise rather than squeezing
expenses.
"We don't see any more big cost-savings opportunities in this
company," said Eugene McQuade, Fleet's chief financial officer.
"I think that phase is behind us. The phase ...