Word: citicorp
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Dates: during 1990-1999
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This is a nation founded on a tax revolt. No one wants a meddlesome Big Brother tax system that can find your odd sock for you, but it ought to be as capable as American Express or Citicorp. Chiseled above the entrance of the IRS building in Washington is an Oliver Wendell Holmes axiom: "Taxes are what we pay for civilized society." Americans also pay for the agency that collects those taxes, and they have a right to expect not perfection but efficiency...
...December, it served 20 clients, ranging from a fish-processing plan to the Boston Bank of Commerce, New England's only blackowned, full-service commercial bank. The ICIC also has elicited the financial support of such corporate giants as McDonald's Corp. and Citicorp...
...between Chase and Chemical have aggravated concerns about the impact of bank-merger mania on employees and customers. The new giant, which will take the better-known Chase Manhattan name even though Chemical is larger, will hold nearly $300 billion in assets and eclipse its New York City neighbor Citicorp as the largest U.S. banking company. Enthusiastic investors boosted the price of both Chase and Chemical stock more than 10% in a day, expecting the increased efficiency of the combined banks to send profits zooming. But to pare annual expenses by $1.5 billion within three years, the new bank will...
...biggest bank next year. Said a bank-stock analyst: "It's like marrying the two most beautiful people in the world." The new behemoth, with $823 billion in assets, would be 50% larger than the current biggest bank, Japan's Sumitomo, and would dwarf America's top-ranking Citicorp, with its mere $250 billion in assets...
...strength combinations was only part of the merger action. In Washington the House overwhelmingly agreed to let banks open branches across state lines and sent the bill on to the Senate, where it is expected to pass within the next two weeks. The House vote overjoyed giants such as Citicorp and BankAmerica, which would finally be free to gobble up banks across the country...