Word: citicorp
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Dates: during 1980-1989
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...Federal Deposit Insurance Corporation reimburses them for up to $100,000 on their lost accounts. As it happens, about 500 U.S. banking institutions carry no federal insurance, and many of their depositors could suffer in case of failure. Nonetheless, says John S. Reed, chairman of New York's Citicorp ($145 billion), the largest U.S. banking company: "To the extent that we've had difficulties, the consumer has been very well protected." When Continental Illinois got into trouble, the Federal Government even guaranteed deposits of more than $100,000. Despite those pledges, nervous crowds often line up at teller...
Over the past five years financial powerhouses, including Prudential-Bache and Shearson Lehman/American Express, have become banks in everything but name. Said Walter Wriston, former Citicorp chairman: "The bank of the future already exists, and it's called Merrill Lynch." Three weeks ago, Equitable Life, the nation's third-largest insurer, joined the parade by paying about
...moving to 14.5% by the close of 1985. That prospect had Caldwell tempering his own optimism for the year ahead. Said he: "The specter of higher interest rates is disturbing. People in the business community are very concerned." However, Walter Wriston, former chairman of New York's Citicorp who retired in August, offered a more bullish view when he predicted a "drifting down of interest rates over the next six to eight months...
EDGAR began business last week as a pilot project involving 150 companies. The firms, which include Citicorp, GM, IBM, Mobil, Sears and Xerox, agreed to file all their financial data with the SEC in computerized form rather than on paper. For now, however, the information from EDGAR will be available only at SEC offices in Washington, New York City and Chicago...
...selling certificates of deposit and maintaining checking accounts." Sears is also actively looking to buy more savings and loan associations to add to the one it owns in California. It was a bidder in 1983 for Chicago's First Federal Savings and Loan, which was finally bought by Citicorp...