Word: citibanker
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Though loan-loss figures for 1975 will not be complete for a few weeks, those now available are striking. Citibank in December disclosed that it would write off a record $310 million in bad debts for 1975, considerably more than double the $116.9 million in gross loan losses in 1974. Chase in the first nine months of last year wrote off $209.7 million, v. $64.5 million in the same period a year earlier. San Francisco-based Bank of America, the biggest of all U.S. banks, wrote off only a relatively small $78 million in bad loans for the first nine...
Investors had long taken it for granted that bank profits would go up at least moderately every year. No more: the profit record has turned spotty. Some banks are still increasing their earnings; Bank of America raised its profits in 1975 by 17%. Citibank's earnings for all 1975 will be up about 10%, but the bank recently disclosed that for the fourth quarter it will report its first decline from a year earlier since 1969. Chase in the third quarter reported earnings a stunning 56% below those for the 1974 period, and New York's Marine Midland...
...early 1960s, banks further began to concentrate on "liability management"-the concept of borrowing money to relend it at a higher rate. Citibank developed the negotiable certificate of deposit-a security that offers higher-than-usual interest to a corporation or individual investor willing to leave money in the bank for a fixed period, such as one year. If an investor wants his money back sooner, he can sell the CD to someone else. Formally, the money is a deposit; actually, it is a loan to the bank. Banks also began borrowing from the huge pool of Eurodollars held abroad...
...economic growth than the legendary gimlet-eyed banker of old, who would grant a loan only to a borrower who could prove that he did not need one. That, at least, is the central argument of Walter Wriston, the strongest champion and exemplar of the new banking. Under Wriston, Citibank has led in international expansion, computerization and the use of large CDs, and it was one of the first to appreciate the diversification possibilities of holding companies. (Citibank today is officially a subsidiary of Citicorp, a holding company also headed by Wriston, which is involved in mortgage banking, leasing...
...Citibank is still innovating, currently most aggressively in electronic banking-a field that gives promise of eventually creating a "checkless society," in which funds are switched easily and automatically from one account to another. While that prospect is far in the future, the bank's Citicard system is spurring some interesting changes right...