Word: citibankers
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...know: financial institutions are asking a much higher price to lend their money to those who would borrow it than they were just a little while ago. In some cases, they are not willing to lend it at all. That's as true for global giants such as Citibank as it is for your local mortgage broker. Clearly, that has consequences for growth. Everyone knows the U.S. housing market continues to plummet, but the rise in interest rates that we've seen lately will crimp growth - reducing investment globally. Fewer businesses will expand, start up or open new factories...
...sideline Musharraf, but we have some influence over how he rules. By Pakistani standards, his eight years in office haven't been terrible. He has allowed some press freedom (including a Saturday Night Live--style comedy show that often lampoons him). And guided by his Prime Minister, former Citibank executive Shaukat Aziz, Pakistan's economy has boomed. That's the good news...
...online deposits, according to market tracker SNL Financial. And without a single branch, ING Direct is the 28th largest bank of any kind in the U.S., as ranked by assets (and 24th by deposits), nipping at the heels of regional powerhouses such as Sovereign and KeyCorp. Even heavyweights like Citibank and HSBC are taking notice, rolling out "direct" banks of their own. Kuhlmann welcomes the competition. In fact, he will spell out his formula for them: "We simply asked, 'What does a customer really want...
...than 5 million account holders, with 100,000 to 150,000 more signing up each month. "Before it was a curiosity, but now banks look at the outflow of accounts to ING Direct, and they're reacting," says Alenka Grealish, managing director of the banking group at consultancy Celent. Citibank, HSBC, Capital One, E-Trade and Emigrant Bank are among those offering no-fee, no-minimum-balance Web-only accounts with well-above-average interest rates. Many even offer rates higher than ING Direct's. Kuhlmann's response: "Knock yourself out." So far, new-account growth at ING Direct hasn...
...Student calls for divestment during the early 1980s proved to be largely unsuccessful; besides a pittance in Citibank holdings, the University refused to sell its investments in companies such as Carnation Co. and the Manufacturers Hanover Trust bank...