Word: citibankers
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...help modernize, the Bank of China, second largest of the state-owned banks, has contracted with Citibank in China to study its technological infrastructure. "They're so cognizant of the importance of technology," says Daniel Rosen, a former White House adviser, "that they're letting a major foreign potential competitor write the book for them on what they need to do differently...
...aligned itself with local banks and with the four state-owned major institutions, which gives the London-based bank's customers access to branches across much of China. HSBC last month bought an 8% share in the Bank of Shanghai, a seven-year-old entity controlled by the city. Citibank is reportedly considering the purchase of a 15% stake in the Bank of Communications, the fifth largest state-owned lender, also based in Shanghai...
...lose the miles. These days, points or miles collected on a credit card can be used to pay for everything from round-trip plane tickets to college tuition (on Citibank's Upromise card) to your teen's braces (on Diner's Club, which lets you choose a reward once you hit 100,000 points). Chase allows you to earn Continental Airline miles by using your debit card, but at a rate of half a mile per dollar spent--vs. one mile on the typical credit card...
...looking into the company's accounting practices, but in defending her turf, Wachner could well redefine tenacious. And she'll have help. Her circle of support includes such corporate heavyweights as former American Express chairman Harvey Golub, a new Warnaco board member, and Citigroup boss Sanford Weill, whose Citibank, along with J.P. Morgan Chase, is part of a collection of banks that will provide Wachner with $600 million in debtor-in-possession financing. That will buy her a few months to try to clean things up. "Under my leadership over the past 15 years, Warnaco has built the best brands...
After handpicking Summers as his successor, Rubin returned to the private sector in May 1999 to become a director of Citigroup, an $82 billion company that combines Citibank with one of the largest insurance firms, Travelers group, to provide investor services, according to the company’s website...