Word: citibanker
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...without the strike at General Motors. The auto and parts industry suffered a 52% slump in earnings, and some supplier industries were also clobbered. Steel earnings were off 38% and rubber profits 27%. Alone among the 41 industry groupings, the airlines showed an actual loss-$35.6 million by the Citibank's reckoning. On the other side of the ledger, 15 industries increased profits last year, though most of the rises were moderate. The only spectacular gain was a 145% jump in earnings for 33 amusement companies, in fields like movies, racetracks and bowling. The gain largely reflected the fact...
...split over prime rates amounts to a replay of a 1967 battle between the same two banks. In January of that year, Chase cut its prime rate by a full ½% (to 5½%) and firmly held its ground despite outraged cries from other bankers and a counterpunch by Citibank, which reduced its rate only ¼%. Still, almost everybody finally fell in line with Chase-a victory that earned the bank considerable prestige for sound and shrewd judgment. As to why other banks failed to follow the lead again last week, Chase Vice President and Economist William Butler says: "They...
...Mitchell Sharp seemed more interested in politics than economic policy. Its passage would build Sharp's Liberal Party strength, polish his chances of one day succeeding Prime Minister Les ter Pearson as party chief. As a result, Mercantile, which had existed for ten years under Dutch ownership before Citibank bought it in 1963, is now a bank to be bullied...
Respect in Russia. The two big figures in Citibank's success are Chairman James Stillman Rockefeller-grand-nephew of John D. Rockefeller Sr., third cousin to Chase Manhattan President David Rockefeller-and President George S. Moore. Chief Executive Rockefeller, 63, theoretically presides over high policy, while Moore, 60, runs day-to-day operations such as the bank's highly respected monthly Economic Review (circ.: 350,000). In fact, both men take turns running the bank-and supervising its 184 vice presidents-because each of them spends about half of his time on business trips. Between them, Moore...
...most active U.S. bank overseas, Citibank this week will open its 127th foreign outpost in Colombia's port city of Cartagena. This year it has sprouted eight other foreign branches from West Berlin to Kuala Lumpur. At home, it has blanketed New York City and suburbs with 151 branches, fully exploiting its status as the city's only nationally chartered bank, thus being exempt from New York State's strict limits on branching. Hoping to catch up with Citibank, stockholders of Chase Manhattan last week voted to switch to a national charter...