Word: citibank
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Dates: during 1980-1989
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...Board has softened the tight-money stance it adopted earlier in the year and is letting interest rates fall. As a result, by last week a bidding contest was under way as banks rushed to drop the prime rate that they charge corporate borrowers. First New York's Citibank led a group of institutions that lowered their prime from 11.75% to 11.50%. Then another wave of banks, including Chase Manhattan and San Francisco's Bank of America, pushed the prime down...
Marketing experts divide preferred customers into several layers. Upscale depositors with accounts of $25,000 or more receive far better banking services than the majority of retail customers. New York's Citibank provides them with money-management accounts, faster waiting lines and more personal attention. The best treatment, however, is reserved for the truly wealthy, the top 1% of customers who receive so-called private banking. At this level, officers will provide almost any financial service imaginable, from stock brokerage to letters of introduction for a foreign business deal. The moneyed customers of Manhattan's U.S. Trust, which...
...such key concessions to Mexico. In a major breakthrough in the relations between bankers and their Latin borrowers, the creditors' group decided to allow Mexico to retire nearly half of its $95 billion in debt over 14 years instead of the originally scheduled six. The committee, led by Citibank Senior Vice President William Rhodes, also consented to reduced interest rates that will save Mexico an estimated $500 million a year. Said one banker: "The Mexicans got a tremendous deal." Details of the ambitious plan are still being ironed out, and the agreement will need approval from 527 other banks...
Similar concessions had been urged for months by Federal Reserve Chairman Paul Volcker and International Monetary Fund officials as a means of aiding Latin Citibank's Rhodes countries like Mexico that have tried to solve their economic problems. If the Mexican plan proves successful, the next debtor to receive easier terms could be the region's biggest borrower, Brazil, which owes nearly $100 billion...
...become a kind of reverse foreign aid with the poor giving to the rich. The situation has brought criticism even from some American institutional investors, who think the banks are pumping a dry well. Says Barton Biggs, chief portfolio strategist at Morgan Stanley: "There is simply no way Citibank can continue to increase its earnings by 15% a year on the backs of millions of sullen Latin American peons...