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* More Americans filed for bankruptcy protection in 1997 than ever before. Federal officials said 1.35 million individuals and 54,000 businesses sought protection from creditors in U.S. bankruptcy courts last year, for an overall total 20% higher than 1996.

* The Entrepreneur Program at USC is celebrating its 25th anniversary in style with a $5-million gift from alumnus Lloyd Greif, a Los Angeles investment banker and 1979 graduate who will see the program renamed in his honor. USC officials will announce the establishment of the Lloyd Greif Center for Entrepreneurial Studies today.

* Callaway Golf Co. said El Nino storms in California and Florida and currency turmoil in Asia could cause its fiscal first-quarter earnings to fall 70% below analysts’ forecasts.

* Fund manager Mario Gabelli is in talks with investment bankers at Goldman, Sachs & Co. that could lead to a decision to sell part of his money management firm in an initial public stock sale, people familiar with the discussions told Bloomberg News. Gabelli wasn’t available for comment.

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