Word: citibanker
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...race for supremacy between the nation's three leading banks, one is lagging badly. Last month, while the Bank of America and Citibank reported nearly 12% increases in earnings for the second quarter of the year as compared with the year-ago period, the Chase Manhattan reported a dismal 44.7% decrease in profits, to $30.1 million, v. $54.5 million for the second quarter of 1975. The Chase remains a powerful financial institution, with $43.9 billion in assets. But clearly it has lost its front-running momentum...
...clear shot at the top had the effect of discouraging the kind of compulsive overachievers who were attracted to its rival Citibank. Under the leadership of the aggressive Walter Wriston, Citibank overtook the Chase in 1968 and is now challenging the Bank of America for the No. 1 spot. While Wriston has vigorously recruited executives from far afield to put new zip into banking, Rockefeller has fostered a clubby-his critics say complacent-atmosphere in the Chase's upper echelons...
When Rockefeller took over as chairman from George Champion in 1969, he inherited one big mistake-the Chase's failure to expand into foreign markets, where the Bank of America and Citibank were making major and highly profitable inroads. Rockefeller belatedly corrected that failing. But under his leadership, the Chase made other errors. Citibank set up a special data-processing operation with a team of industrial engineers to cope with the growing volume of checks and other paper. Chase, though it has computerized its operations, still has not completely solved its paperwork problems...
...used? Few of the bankers were optimistic. Franz Ulrich, chairman of the Deutsche Bank A.G. of Düsseldorf, pointed to a 16% rise in world commodity prices from last year's lows as a portent of things to come. Irving Friedman, Senior Vice President of Citibank, argued that modern inflation has been high and persistent because of fundamental changes in societies around the world, which have increased the demand for goods and services far beyond the ability of the world economy to supply. Governments, Friedman said, have tried to accommodate that demand and in the process have generated...
...first time are playing a role. Until recently, many black entrepreneurs who could raise money had little experience and were forced to start their businesses from scratch in ghetto areas. As a result, the mortality rate of black-owned businesses has been high. Now, led by Manhattan's Citibank, moneymen are seeking out black entrepreneurs who have good management records and offering to finance their acquisition of successful, largely white-owned enterprises. Citibank recently helped blacks to take over a profitable Chicago margarine company...