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FleetBoston Financial Corp.'s $6.9 billion purchase of Summit Bancorp, New Jersey's largest bank, won approval by the U.S. Federal Reserve.

Zale Corp., the nation's largest specialty jewelry retailer, announced that its top executive resigned and the company was delaying the release of its latest quarterly financial results. Chairman and chief executive Beryl Raff, one of the few women to lead a major U.S. retailer, was replaced by former Zale boss Robert J. DiNicola.

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