BankAmerica Drops Golden Parachutes: The San Francisco-based...

BankAmerica Drops Golden Parachutes: The San Francisco-based firm, which reported a record profit of $1.1 billion for 1989, disclosed in the proxy for its May 24 annual meeting that it has eliminated a “golden parachute” plan. The plan, adopted in 1986 when the bank was struggling with heavy losses and a takeover threat by First Interstate, would have covered top managers if they had been fired after a change of control. “The board decided the plan is no longer necessary,” a spokesman for the parent of Bank of America said.