Fleet looks to put budget ax away

The Boston Globe | November 9, 1995| | Copyright

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," ...

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