Word: citibank
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Irene Chang, a junior at Berkeley, had not planned to apply for a credit card. Then she heard a rumor that students who asked for a Visa card or MasterCard at a campus Citibank booth were rejected if they were majoring in the humanities. An English major and a reporter for the college paper, the Daily Californian, Chang asked the company representative if the rumor was true. Said Chang: "She told me, 'Just put in either business administration or electrical engineering...
Just before the opening bell, Phelan reads aloud a message from President Reagan praising traders for their "calm, professional" work during the frantic week. Citibank lowers its prime rate by a quarter-point, to 9%; other New York banks follow within 20 minutes. Inexplicably, the market plummets 138 points in the first 45 minutes...
...major goal of former Chairman Wriston, who became a mentor. Reed triumphed again: he opened hundreds of new branches, bought the Carte Blanche and Diners Club credit-card companies, and launched Citicorp even more heavily into the consumer credit-card business by signing up 2 million new members for Citibank Visa cards. Expansion initially created staggering bank losses of more than $200 million in three years. But Reed eventually turned the consumer operations into a major moneymaker -- and helped position himself as a prime contender for Wriston's job. When he was finally tapped for succession in 1984, Reed talked...
...tell customers the difference between the new and old rules -- and to promote new clients. Fidelity Investments, an $80 billion Boston-based mutual-fund group, gave its round-the-clock crew of telephone operators special training in how to explain the new tax code to would-be investors. Citibank (1986 revenues: $144.8 billion) programmed computer terminals in 200 branches to answer questions about IRAs and responded to thousands of queries...
...cautious and circumspect breed, bankers are rarely surprising. Last week, though, U.S. lenders managed to startle some of the most seasoned financial experts. The first jolt came when Citibank and Chase Manhattan hiked their benchmark prime rate on loans to commercial customers from 7.5% to 7.75%, its first rise in nearly three years. Several major banks soon followed suit. Two days later, seven leading banks had announced that they would take the serious step of reclassifying their loans to Brazil to a "nonperforming" status. That means that the banks' books will no longer maintain the fiction that Brazil is still...