Word: ammidon
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Dates: during 1960-1969
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Golfing Decision. U.S. Trust's basic investment policies are set by a three-man leadership: Chairman Hoyt Ammidon, Vice Chairman Berkeley Johnson and President Charles Buck. The decision as to whether or not to invest is based about 20% on a company's product and ability to market it, and 80% on the bankers' personal assessment of the company's president and top management. Vice Chairman Johnson believes that "you can learn quite a bit about the ethics and personality of the man you are dealing with by playing golf or going shooting with...
...last to reform the tax code (see THE NATION), many well-used loopholes will be plugged. U.S. Trust will undoubtedly find new gaps in the law and apply them for the enrichment of company and client alike. Meanwhile, there probably will be a strong growth in what Chairman Ammidon calls "the managing of money so that its owners will be free to turn their full attention to their own businesses." Not only will troubled markets and tighter tax laws make it harder for the amateur investor to turn a profit, but many of the new millionaires -or the merely affluent...
...livened things by actively seeking new clients, e.g. advertising on the society pages. Strong cast aside the tradition that U.S. Trust chief officers linger on (one quit at 104). And he reached into the outside banking world to hire as president and his eventual successor tall, handsome Hoyt Ammidon (Yale, '32). Ammidon was a 20-year veteran at New York's Central Hanover Bank and Trust Co., and for five years personal-investment manager for Multimillionaire Vincent Astor. Last week, right on schedule. Strong retired at 65, and Ammidon, 52, stepped up to chairman and chief executive officer...
...situation of making 60% of its income from management fees, only 40% from interest on loans and its own investments. In recessions, the U.S. Trust way makes for stability, but in good times, when loans are in demand, other banks pile up profits faster. To get more loan income, Ammidon is actively seeking large commercial deposits-particularly from companies in which U.S. Trust is a big stockholder-and in three years hopes to raise deposits, to $300 million from $194 million...