Word: citibank
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American companies are eager to do business in VIETNAM. Citibank, Philip Morris, Mobil, General Electric and Caterpillar are said to be lobbying for an end to the U.S. economic embargo. Coca-Cola and Kodak are already well known there, thanks to black-market sales. Last month the Backer Spielvogel Bates advertising agency, one of the world's largest, hosted a marketing conference in Ho Chi Minh City. Said Carl Spielvogel, chairman of the firm: "We believe there is an enormous potential there, and in Indochina generally. We intend to be pioneers in this market...
...chairman John Reed in a statement last week that praised Citicorp president Richard S. Braddock -- and announced his resignation. "It's a real mystery to the banking community," says Kevin Timmons, senior banking analyst for First Albany. "You could make a case that blame is being assessed here for Citibank's problems, but I don't see where he bears a significant portion of it." In fact, Braddock may have simply recognized that he was not likely to assume Reed's top spot...
...Citibank is equipping automated-teller machines in its 575 branches nationwide with high-resolution graphics and easy-to-read symbols for people with disabilities, thus conforming to the Americans with Disabilities Act. To enter the amount of the transaction, users tap the screen. Video-game-style bleeps signal completion of each step. The design also allows for easier wheelchair access...
...huge bankruptcy filing drove down bank stocks Friday and sent shock waves through world financial markets. Citibank, Olympia & York's largest U.S. creditor, said it has written off $100 million of the $480 million it had loaned to the Canadian company. Such losses could grow in the U.S. and abroad if Olympia & York cannot climb out of the deepening financial hole it has dug for itself...
...Citibank, largest issuer of credit cards in the U.S., announced that as of June 1 it will reward its best customers with lower credit-card interest rates -- as little as 13.9% for Preferred Members. Other banks will probably follow, taking the bite out of congressional complaints about high rates and starting a war that consumers...