Word: bankes
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...banks do have one last and very large asset: their names. Marketers used to call this brand equity. It was a nonsensical way of saying that having a company's name on hundreds of buildings and sports stadiums made customers more comfortable being customers. Decades of advertising did that for Citi and B of A. The credit crisis has not entirely ruined those reputations. Citi retail customers in Italy probably don't worry about the hundred dollars they have in the big bank. It is simply very difficult to see how the "body of the brand" can be exhumed...
...former Rockefeller aide, Harry W. Albright Jr., recruited Parsons in 1988 to serve as chief operating officer of the Dime Bank, one of the largest thrift institutions in the United States...
...City Bank of New York was founded in 1812 by a group of merchants hoping to fill the void left by the demise of the first Bank of the United States, the sort-of central bank whose charter Congress had allowed to expire the year before. City nearly went under in the Panic of 1837 but was bailed out by the country's richest man, fur magnate John Jacob Astor. Astor's associate Moses Taylor built City into a bulwark of sound finance--big capital reserves, stingy lending standards--that bankrolled the Union during the Civil War and easily withstood...
Thus began a pattern of alternating conservatism and risk-taking, success and near failure, that has marked the banking enterprise now known as Citigroup--and the American financial system--ever since. James Stillman, who became City's president in 1891, combined prudence with great ambition. City Bank cruised through the Panic of 1893, thanks in part to the huge stash of gold that Stillman had acquired--gold being the backing for credit then--because he sensed trouble. City joined J.P. Morgan in bailing out the nearly bankrupt Federal Government in 1895 and soon grew to be the country's biggest...
With that growth came near disaster, as big loans to Cuban sugar planters went bad. What saved the bank was the salesmanship of Charles E. Mitchell, head of City's securities arm, who repackaged the bad Cuban debt--and went on in the 1920s to find ever more creative ways to sell securities and lend to the burgeoning middle class. Mitchell, who became president of the bank in 1921, built City into the first financial supermarket. When everything financial turned toxic in the early 1930s, he became the most prominent scapegoat for the disaster. He was the main target...