Also. . .

* B. Metzler seel. Sohn & Co., Germany’s oldest private bank, and Payden & Rygel, one of the largest closely held U.S. fund management companies, said they formed a new venture to take advantage of European economic and monetary union. Metzler/Payden, the new Los Angeles-based company, is owned equally by the two firms, which contributed a total of 12 employees as well as an initial $1 million each in capital.

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* Burlingame-based Gymboree Corp. shares lost almost half their value as the retailer of children’s apparel and accessories said it expects a third-quarter loss due to slow sales. The shares fell $3.38, or 45%, to close at $4.06 on Nasdaq. The company said its loss will be about the same as the second quarter, when it posted a loss of $800,000, or 3 cents, on sales of $99.8 million.