Word: citibank
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Dates: during 1970-1979
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...service loan-seeking Communists, several American banks have opened offices in Eastern Europe. Bank of America, Citibank and Chase Manhattan have all gone into Moscow. Manufacturers Hanover Trust has an office in Bucharest, and First National Bank of Chicago has one in Warsaw. The business has been lucrative. Commissions and miscellaneous fees can add up to $2 million on a $200 million loan-and that does not count later collections of interest. In addition, Communist countries have a good record of paying debts promptly. Says one American banker: "There is a lot of merit in lending to a stable, centralized...
...express discreet concern about Comecon's mounting pile of debt. The Basel-based Bank for International Settlements has noted that the ratio of debts to exports -which determines a country's ability to repay loans-has reached a high level in some Communist countries. Bank of America, Citibank, Chase Manhattan and Manufacturers Hanover all conspicuously took no part in a recent $250 million loan to the Soviet Union's Foreign Trade Bank. Some Western banks are also trying to raise interest rates charged to Communist borrowers. They had been tacking a 1.25-percentage-point premium onto whatever...
...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...
...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...
When Rockefeller took over as chairman from George Champion in 1969, he inherited one big mistake-the Chase's failure to expand into foreign markets, where the Bank of America and Citibank were making major and highly profitable inroads. Rockefeller belatedly corrected that failing. But under his leadership, the Chase made other errors. Citibank set up a special data-processing operation with a team of industrial engineers to cope with the growing volume of checks and other paper. Chase, though it has computerized its operations, still has not completely solved its paperwork problems...