Word: citibank
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There was a time when banks liked to present themselves as staid old conservative places. Not anymore. First, Citibank sponsored an Elton John tour. (So it's not the Foo Fighters--it's a start.) Now three show-biz types have bought a bank. MAGIC JOHNSON, JANET JACKSON and former head of Motown Records Jheryl Busby have spent about $3 million on a controlling share in the California-based Founders National Bank. They hope to use their contacts and drawing power to get the African-American elite to plunk their savings there. They also hope to be able to attract...
What are the risks associated with a brave new world of Cayman Island trust funds and retirement accounts built on leverage? No one yet knows. But some suspect. Sholom Rosen, vice president of emerging technologies at Citibank, has what may be the perfect mantra: "It's definitely new, it's revolutionary--and we should be scared as hell...
...ACLU return my phone calls? I run to the mailbox every day hoping that a letter will arrive offering me a fantastic paid internship with all kinds of perks. Instead, I pull out yellow envelopes from Harvard Telephone Services and Citibank Visa which add to my ever-growing pile of debt. I wait by the phone hoping for an intern coordinator to call asking me for an interview. My phone had two messages the last time that I checked--one from my mother and the other from my bank asking me to pay a delinquent bill...
Managers at American Express must have taken particular delight last month when AT&T Corp. announced that it was selling its Universal credit-card business to Citibank. AT&T's no-annual-fee entry into the credit-card game in 1990 made this industry universally ugly, particularly for Amex. With free Visa and MasterCard bank cards bulging their wallets, consumers were increasingly leaving home without American Express plastic. Instead of paying membership fees for cards that many merchants refused to honor--since American Express took a heavy bite out of purchases--more than 2 million Amex holders cut up their...
...consumers, the world of plastic is not looking so fantastic anymore. AT&T Corp.'s departure from the business--its Universal Card portfolio is being sold to Citibank for $3.5 million--is the latest buyout, as the industry consolidates in an attempt to get back on the gravy train it once rode. With fewer big competitors, the remaining card issuers are getting less generous. AT&T's initial no-fee offer inspired a wink of inducements from other issuers, each upping the ante with low initial rates and rebates. And consumers snapped them up, stuffing an average of seven cards...