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San Francisco-based Union Bank of California N.A. has opened a full-service trust office in New York City to provide comprehensive fiduciary and trust services for corporate trust, retirement plan and asset management accounts. The New York office is located at 551 Madison Avenue. The bank has also acquired substantially all of the trust accounts from Bank of Tokyo-Mitsubishi Trust Company, including accounts representing $14 billion in assets under administration. The addition "significantly broadens" the bank's customer base and range of services, which now include trustee, administrative agent, escrow, project finance and paying agent services. The bank first opened an institutional representative trust office in New York City in 2002 to provide client services for the company's East Coast and Midwest customers. It's institutional services and asset management division already administers more than $166 billion in trust and custody assets. UnionBanCal Corporation, Union Bank of California's holding company, is approximately 62% owned by The Bank of Tokyo-Mitsubishi Ltd., which is the core commercial bank of the Mitsubishi Tokyo Financial Group Inc., Japan's premier banking institution. Union Bank of California N.A. has 301 banking offices in California, Oregon, and Washington, and 21 international facilities; and…

California-based Countrywide Financial Corp. - a mortgage banking company - has said it will move 7,500 jobs to Texas over the next six years. According to a spokesman for the company, $20 million from the Texas Enterprise Fund "helped prompt the company to bring more jobs to the state." The expansion will more than double Countrywide's presence in Texas with the transition expected to begin in January as 2,500 employees are added to the company's Richardson office over the next two years. An additional 5,000 jobs will come to Texas over the next six years. Mozilo said that those jobs probably will go to Richardson and Fort Worth, and he will also be looking at other sites. Texas has allocated more than $200 million from the Texas Enterprise Fund to bring more than 22,000 new jobs to the state and has generated more than $6 billion in capital investments, according to a statement from the governor's office, which has said Governor Rick Perry will be asking the legislature to authorize an additional $300 million into the enterprise fund. The governor, it said, will also ask lawmakers for another $300 million for an emerging technologies fund. According to a recent Associated Press report, the fund has raised some criticism recently with Texas Democratic spokesman Mike Lavigne calling it a "boondoggle," saying that local communities are responsible for bringing new business to the state and that Texans would be "better served" by investing money in health care and education for children.

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