Word: citibanker
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...intense, dark-haired man visiting the office of Walter B. Wriston, chairman of the First National City Bank of New York, crisply announced that he was interested in looking into several of the bank's activities. Consumer credit, for example. The visitor suggested that "Citibank's" credit standards might be so restrictive that many black applicants are automatically ineligible for loans. On the other hand, he added, the standards might well be too loose, thereby encouraging people to go dangerously into debt. Wriston, who is rarely without a sense of humor, piped up wryly: "Do I have...
...Wriston, head of the nation's second largest bank, learned a year ago that he was about to join a growing list of corporate and public executives in a bracing experience: being "Naderized" by the nation's leading consumer activist. Nader arranged the visit to declare that Citibank had been chosen as the target of one of his encyclopedic studies. He wanted Wriston to open up to 16 young Raiders, mostly first-year law-school students, who would conduct the probe. Citibank's chief agreed to cooperate. To colleagues who worried about the project, Wriston cheerfully remarked...
...first part of a two-part study was published last week, and TIME Correspondent John Tompkins interviewed Citibank officials about their experience with Nader's Raiders. Tompkins' report...
...tobacco industry withstood the 1970 recession better than almost any other U.S. business. New York's First National City Bank reported last week that seven tobacco companies raised their after-tax profits by a total of 19% last year, the second largest gain among 41 industries in the Citibank survey (the leader: amusement companies). The rise stemmed largely from successful diversification that has taken the cigarette makers into products and services as varied as pet food, soap, whisky, watches and shipping. The profit gains also reflected the reversal last year of a three-year drop in per capita cigarette...
...important sense, last year's profits were the worst in a quarter century. Profit margins on sales were only 5%, down from 5.8% in 1969. They were the lowest margins in any Citibank survey since 1945-a year of war, price controls and excess-profits taxes. U.S. industry has been in a profit squeeze since late 1965 because inflation has raised its operating costs faster than its selling prices...