Word: citibankers
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...hiring minorities and women--he was known to sneak women into management posts by using only their initials in correspondence--he expanded bank branches worldwide and offered diversified services like credit-card lending, mortgage banking and real estate development. But his most popular innovation came in 1977 when Citibank introduced the first network of automated teller machines...
...Rome Mel Sembler has been lobbying on behalf of the U.S. banks, alleging that they are being discriminated against in the bankruptcy proceedings and warning of damage to bilateral relations.) Bank of America notes that it has been a victim in the case, already writing off $425 million. Citibank puts its total Parmalat exposure at $540 million. Where did the rest of the lost billions go? According to Bondi, $8.5 billion went to pay interest, dividends and fees--with $3.6 billion of that going to the banks. Magistrates allege that about $1.7 billion was siphoned out of the company...
...company seemed so attractive that foreign banks, with Citibank at the head of the line, were clamoring to get a piece of the business. Ferraris, who worked at Citibank in Milan for seven years before joining Parmalat in 1997 as an executive in Canada and Australia, remembers making regular sales calls on CFO Tonna. "There was big competition for Parmalat business," Ferraris recalls. "You needed to come up with a product that really interested them." On Ferraris' watch, Citibank scored two coups, first setting up a securitization program, then advising Parmalat on its acquisition of Beatrice Foods in Canada...
...tapped Masamoto Yashiro to run it, he set out to revolutionize the industry. Since taking the helm of the bank--renamed Shinsei, or Rebirth--Yashiro, 75, has presided over one of the most successful turnarounds in Japanese corporate history. With 30 years experience at Exxon and nine more at Citibank, Yashiro has never been a member of Japan's insular financial community. "I don't follow the Japanese way of doing things," he says. Yashiro talks about competition, profitability and performance--words rarely heard until recently among Japanese bankers. At Shinsei, Yashiro abolished promotions and raises based on seniority...
...month. Poland 's neighbors don't seem to be having the same problems; none has an agriculture sector of such size and scope. The national bank forecasts that food prices will continue to rise at an annual rate of 9% through the end of the year. "Too pessimistic," says Citibank Handlowy analyst Katarzyna Zajdel-Kurowska, who thinks relief may actually be on the way. "We expect a good harvest will relieve some of the pressure." That would give Poles double cause for a feast of thanksgiving. Turbulence Over Italy Alitalia management and unions made little progress on a layoff-heavy...