Word: citibank
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Dates: during 1980-1989
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...stocks of nine banks. Explains Olayan: "Their resources are infinite. Their raw material is money, and it does not deplete" like oil and gas. Associates also cite a gut interest in banking, perhaps stemming from a time 15 years ago when Olayan's Saudi companies were overextended and Citibank called in $2 million in loans. Says a friend: "Since then he has had a hate-love relationship with banks. He can get very excited when he tells of how they almost pulled the rug out from under...
...international money transfer department of New York's Citibank, 50 people sitting before desktop computer terminals silently tap away at coded keyboards and thereby handle the work that it took 430 people to perform...
Despite some initial grumbling that the new machines would turn them into white-collar automatons, secretaries and clerical people usually welcome the appearance of a word processor or minicomputer console on their desks. Betty Mates, 31, a Citibank clerical worker for close to 13 years, now uses a Digital Equipment Corp. minicomputer in the bank's letters-of-credit department. Says she: "The department used to be chaos. One letter would get handled by four, five or six people. But with the new system, one person handles everything. I had no trouble adjusting. To me it was like...
...been struggling for a year to control the growth of money, has once again slammed on the credit brakes (see following story). Chase Manhattan Bank, the nation's third largest, last week pushed the prime rate -interest it charges its best corporate customers-from 13% to 13½%. Citibank, the No. 2 bank, quickly leapfrogged that rate and set its own at 14%. Lenders like California's Great Western Savings & Loan also hiked the interest level on home mortgages last week from...
...though, Congress has moved cautiously against foreign banks. With a few notable exceptions like Italian Financier Michele Sindona, whose $45 million fraud drove New York's Franklin National Bank into bankruptcy in 1974, overseas investors have generally poured needed capital into American banks and made them stronger. Concedes Citibank Chairman Walter Wriston: "The consumer benefits from all this new competition." Moreover, an attack on foreign banks here could provoke retaliation against their American counterparts in Europe and Japan. While foreigners hold $211 billion in U.S. banking assets, Americans control $361 billion overseas...