Word: citicorp
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Dates: during 1990-1999
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...latest wave of cutbacks follows similar steps by IBM, Citicorp and Kodak. Wall Street usually hails such moves, since they help shore up corporate profits. But economists worry that the deterioration in the job market will compound the recession by making consumers too nervous to shop...
Swiss Bank wasn't alone. Dozens of banks were left holding the bag. Among those with the heaviest exposure: Midland, Lloyds, National Westminister, Barclay's, Sumitomo Trust, Credit Lyonnais, Citicorp and Bankers Trust. While most banks were plain old gullible, some claim that they were duped. "We weren't wearing blinders," explains a banker. "But maybe we should start asking borrowers to take lie-detector tests...
...rundown U.S. economy sent discouraging new signals last week that it cannot shake the blahs. In one major sign of weakness, a virtual Who's Who of blue-chip companies reported huge losses or falling profits for the third quarter of this year. Citicorp lost $885 million largely because of red ink at its Quotron stock-reporting service and costs stemming from the layoff of 5,000 workers earlier this year. The largest U.S. banking firm said it would suspend its dividend and dismiss several thousand more workers. Among manufacturers, IBM said slumping sales caused its profits to plunge...
...most years, about 30% of all credit cards are in the penalty box, stashed away by consumers who are trying to get their spending under control. But these aren't normal times. Right now, fully half of Citicorp's 30 million Visa and MasterCards are dormant. To chairman John Reed, that's worrisome. As the % largest issuer of such cards, Citicorp relies on the profit from those operations (last year: $610 million) to offset disasters like the depression in commercial real estate. As Americans get serious about whittling down their debts, the profit cushion for many bankers is getting uncomfortably...
...beleaguered banking industry, where companies are combining to eliminate overlapping branches and services and thereby cut costs. San Francisco's BankAmerica is using a stock swap to acquire Los Angeles rival Security Pacific in a deal that will create the second largest U.S. banking company after Manhattan's Citicorp. In a similar transaction, Chemical Banking is exchanging $2.3 billion of its shares for the stock of New York City neighbor Manufacturers Hanover. "Debt has become a bad four-letter word," says Benjamin Griswold, chairman of Alex. Brown & Sons, the oldest U.S. investment banking firm...