Word: citibanker
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...York's Citicorp, which already has 20% of the traveler's check market, plans to sell its Citibank checks through Carte Blanche. Citicorp bought Carte Blanche in the early 1960s, but was forced to spin it off when the Justice Department objected on antitrust grounds. A federal judge has approved Citicorp's plan to buy back Carte Blanche, and the trustbusters are not likely to block the reunion. Partly because of rising competition from bank-issued cards, Carte Blanche has fared poorly and could well use Citicorp's muscle...
...only a few companies have pulled out. Polaroid canceled its dealings with a South African licensee because its film was being used on the infamous passbooks that blacks and coloreds are required to carry and show upon demand to the police. Citibank will no longer make loans to the South African government; the First Pennsylvania Bank will give no loans of any kind. GM, Kodak and Control Data have said they will not expand their South African operations...
...over Lower Manhattan is a tongue twister: Das Welthandelzen-trum. The translation is of more than casual interest to the Deutsche Bank of Frankfurt, which in terms of assets (about $50 billion) ranks fourth in the world, after San Francisco's Bank of America, New York's Citibank and France's Caisse Nationale de Crēdit Agricole. The bank has approached the W.T.C.'s owner...
...curbing the growth of the money supply, which has been expanding rapidly since March. The Fed once again raised (to 7¼%) the discount rate, which is the interest it charges on loans to Federal Reserve system banks. Meanwhile, several large banks, led by New York's Citibank, raised their prime lending rate for top corporations by a quarter percentage point, to 9%, the second such increase in the past two weeks...
Some money managers are wary about how long the rally can last. Many, including several large insurance companies, have been sellers of stock, and even Citibank has been using the rally to sell and diversify rather than to buy. Still, there has been a bandwagon effect as the majority of institutional investors have rushed in for fear of missing the upturn. Says Paul L. Smith, chief financial officer of California's Security Pacific National Bank: "These fellows are all scared of being left at the starting gate. The minute somebody starts to buy, the others don't want...