Word: citibank
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Dates: during 1980-1989
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While the economy continues its steep decline, most economists still do not foresee dramatic runups of unemployment as in 1974. The consensus is for a recessionary unemployment peak of about 8% by year's end. Leif Olsen, chief economist of New York's Citibank, says that talk of 12% is a "bit panicky." Says AFL-CIO President Lane Kirkland: "Unemployment is going to be in excess of 8% by the end of the year under present circumstances." But Economist Michael Wachter of the University of Pennsylvania, among the most pessimistic on jobs, sees the rate reaching a high...
...First Pennsylvania Bank, the 23rd largest in the nation, the troubles were a bit murkier but just as painful. The FDIC put up $325 million in loans, while the 25 private banks, led by New York's Citibank, provided $175 million more -plus a $1 billion stabilizing credit line. In a stormy meeting with stockholders, the bank's new chairman, George Butler, 52, admitted that First Penn would lose $100 million in the current quarter...
...President authorized the Federal Reserve Board to curb consumer credit, on the theory that heavy borrowing has fueled inflationary buying. The Fed immediately issued tough guidelines. Last week banks, department stores and other lenders began setting up rules to stay within the guidelines. Samples from Manhattan's Citibank, the second largest bank in the U.S.: no new Visa or Master Card credit cards; cash advances on existing cards to be limited to $300, vs. a previous maximum of $10,000; minimum monthly payment on bills charged on cards now outstanding raised to $15, from $5. All that will make...
...interest rates and local usury laws. In New York, for example, the maximum interest on credit-card purchases is 18% on an annual basis for the first $500 and 12% on everything above that. But banks are now paying as much as 19% to borrow the money they lend. Citibank, the nation's second largest financial institution, has threatened to incorporate all its Visa and MasterCard business in South Dakota, where bank cards may charge as much as 24%, unless New York raises the level of interest that can be charged. Chicago's First National Bank is instituting...
This oil-debt game is being played out in the arcane and complex world of international finance. There, large multinational banks such as the U.S.'s Chase Manhattan and Citibank, West Germany's Dresdner and Britain's Barclay perform two vital and interrelated functions. Operating largely from London's money center, the big financial institutions have first of all provided a safe and secure place for Croesus-rich oil exporters, particularly Kuwait, the United Arab Emirates and Saudi Arabia, to park their unspent petro-profits, which by now amount to over $90 billion. The security...