Word: cautioned
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Dates: during 1970-1979
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...reasons underlying his caution then were based on sound reasoning. Last year, when Princeton clobbered the Crimson by a 7-2 margin, Bill Kaplan played number two for Harvard and lost. This year he won in the first position...
...increased caution comes following a Series of bomb and fire threats throughout the Boston area...
...system. The buildup in reserves will probably continue. Total bank loans are expected to rise strongly during 1976, if only because economic recovery will stir more demand for credit and the Federal Reserve Board will increase the nation's money supply enough to meet that demand. But caution and quality, rather than hot pursuit of growth opportunities, are the banks' new watchwords...
...caution extends beyond loan policy. Most bank managers have ceased, at least temporarily, their ardent pursuit of the Great God Growth. Expansion in the U.S. and abroad and diversification into other businesses have drastically slowed at almost all banks. As far back as a year ago, A.W. Clausen, head of Bank of America, warned his fellow bankers: "Recent rates of growth can be sustained only at a possible risk of eroding future strength and stability." Now J. Richard Fredericks, a bank analyst in San Francisco, puts it more pithily: "Gogo banking...
...forefront of expansion is exactly where Wriston intends to keep Citibank. Today, while other bankers talk of retrenchment and caution, Wriston clings to his goal of a 15% profit growth each year (an aim that Citibank did not quite achieve in 1975). Many bankers believe that such a target is more appropriate for a growth company like IBM or Xerox than for a bank, which has the primary responsibility of safeguarding depositors' money. Wriston concedes that rapid expansion may increase bad-loan write-offs, but makes two arguments for doing it nonetheless. Says he: "If we didn...