Word: citibanker
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Both felt they had to draft immediate statements rebutting the scary implications of a story in the Washington Post. Under a headline that sprawled across six columns of the front page, the Post reported that Citibank and Chase had landed on a list kept by the Comptroller of the Currency, a chief U.S. banking regulator, of "problem" banks. Reason: they held a relatively large volume of questionable loans in relation to the capital they had on hand to cushion potential losses. That merited a closer-than-normal watch over their operations by regulators...
...outdated reports some l l/2 years old. Both banks have had subsequent inspections and, except for the loan losses, they apparently more than satisfied the examiners. The banks, said Smith, "continue to be among the soundest banking institutions in the world." The Post it self pointed out that neither Citibank nor Chase faces "any immediate financial difficulties." It is believed that the information was leaked to the Post by a low-ranking official with access to the reports. Disclosing the results of a federal examiner's bank report to a newspaper or anyone else is illegal...
...failure to do a vigorous enough job on bank regulation." In the House, New York Democrat Benjamin S. Rosenthal, chairman of a Government operations subcommittee, will hold hearings this week on the adequacy of federal examinations of banks. He plans to call representatives of the comptroller's office, Citibank and Chase. At week's end the banks pro tested that federal regulations precluded their officers from testifying...
...total of $2 billion in city and Big Mac debt. According to an estimate by Wall Street analysts, Chairman David Rockefeller's Chase Manhattan is worst off, holding $400 million in city and Big Mac paper because of its commitment to helping New York. Wriston's Citibank reportedly has $340 million worth, the Chemical Bank $280 million, Manufacturers Hanover Trust $240 million, Morgan Guaranty Trust $210 million, and Bankers Trust Co. $160 million...
...President Ford's decision not to aid financially pressed New York City; the Dow Jones industrial index slumped to 836.04, down 4.48 for the week. At week's end First National City Bank lowered its prime rate from 7¾% to 71/2%, the lowest since August 7. Citibank's cut signified that cheaper money would soon be available to fuel the recovery in autos and in other industries...