DIGEST
Banks saw a 42 percent jump in profits in the fourth quarter, swelling their earnings to a record $43.4 billion in 1993, shattering the previous annual high by more than a third, federal regulators said. The second straight yearly record came as banks benefited from the hefty spread between what they earned on loans and other assets and what they paid depositors.</br></br>Susan Ness, a banker who has specialized in communications companies, was nominated to a seat on the Federal Communications Commission by President Clinton. If confirmed, Ness, a Democrat, would fill out the five-member commission, giving it three Democrats and two Republicans.</br></br>Capital Cities-ABC proposed a 10-for-1 split of its common stock, a move that could make its high-priced shares more appealing to smaller investors. Capital Cities-ABC stock has been trading near the $700-a-share level, and the proposed split would presumably cut the price to a more affordable $70 a share.</br></br>Grumman said it will postpone its annual shareholders' meeting, originally set for April 21, because of competing tender offers for Grumman shares by Northrop and Martin Marietta. No new date has been set.</br></br>R.H. Macy stores said its profit rose nearly sevenfold, to $60.5 million from $8.9 million, in the second quarter after reducing expenses faster than the decline in its total sales.