Word: chases
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Dates: during 1970-1979
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...race for supremacy between the nation's three leading banks, one is lagging badly. Last month, while the Bank of America and Citibank reported nearly 12% increases in earnings for the second quarter of the year as compared with the year-ago period, the Chase Manhattan reported a dismal 44.7% decrease in profits, to $30.1 million, v. $54.5 million for the second quarter of 1975. The Chase remains a powerful financial institution, with $43.9 billion in assets. But clearly it has lost its front-running momentum...
Wall Street analysts had predicted that the Chase would show a decline. But the worse-than-expected results gave new life to a major topic of debate on the Street: What is wrong with the Chase? To which a top analyst replies archly: "Two things: David Rockefeller...
...early '60s, Rockefeller greatly enhanced the bank's image and developed into one of the world's most respected financial statesmen. He was a vigorous force in expanding the bank's retail and commercial business. But now his name seems to magnify the Chase's problems. A Rockefeller somehow should not be beset with the financial problems that affect ordinary bankers. Yet David Rockefeller is at least partly to blame for the bank's problems. Since the bank has historically been known as the Rockefellers', David was destined for the top job ever...
...clear shot at the top had the effect of discouraging the kind of compulsive overachievers who were attracted to its rival Citibank. Under the leadership of the aggressive Walter Wriston, Citibank overtook the Chase in 1968 and is now challenging the Bank of America for the No. 1 spot. While Wriston has vigorously recruited executives from far afield to put new zip into banking, Rockefeller has fostered a clubby-his critics say complacent-atmosphere in the Chase's upper echelons...
...Start. Other experts are less enthusiastic. Otto Eckstein, a member of TIME Board of Economists, is forecasting a 5% spending rise (discounted for inflation) this year and an additional 8.2% boost in 1977-which would still leave capital expenditures substantially below 1974 levels. Chase Econometrics Chief Michael Evans believes business spending is "off to a bad start. Much of the increase in capacity being planned will not be available in time...