Word: citicorp
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Dates: during 1990-1999
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...than 350 letters on this issue so far received by FASB from companies, accounting firms and stock exchanges, only one or two support the rule change. Leading the charge against the proposal is the Business Roundtable, a New York City group representing 200 CEOs. In a letter to FASB, Citicorp CEO John Reed, who heads the Business Roundtable's accounting task force, said the plan would have "negative effects" on U.S. competitiveness. Small and midsize firms oppose the plan because it would force them to curtail or severely limit their only affordable means to attract top executive and technical talent...
...large corporations like GM often stubbornly resist change, as underscored by the crises now gripping such American giants as IBM, Sears and < Citicorp. "Big organizations that last a long time are usually very conservative, like churches or armies," Womack says. Their size usually helps them forestall change for too long, so that when the forces finally become irresistible, the upheaval resembles the centrifugal breakup of the Soviet Union...
...Rick's great contribution was to the growth of our consumer business." Thus spake Citicorp chairman John Reed in a statement last week that praised Citicorp president Richard S. Braddock -- and announced his resignation. "It's a real mystery to the banking community," says Kevin Timmons, senior banking analyst for First Albany. "You could make a case that blame is being assessed here for Citibank's problems, but I don't see where he bears a significant portion of it." In fact, Braddock may have simply recognized that he was not likely to assume Reed's top spot...
...Citicorp leads the crowd of American lenders. The investment firm of Keefe, Bruyette & Woods estimates Citicorp's exposure to debt at $500 million. With a total of $11 billion in American commercial real estate loans on the bank's books, the U.S "impact is significant," says Keefe, Bruyette president James McDermott. "The Olympia & York news is a wake-up call that commercial real estate remains public enemy No. 1 for U.S. banks, especially Citicorp...
Before he lost his job at Citicorp four months ago, Harvey Lewis had been dutifully climbing the corporate ladder for 25 years. He had joined the bank at 18 as a backroom clerk and worked his way up to assistant vice president, picking up his M.B.A. along the way. But his dream of reaching the top ranks ^ was dashed when Citicorp closed his New Jersey mortgage-banking office. "They even offered me a gold watch," says the father of five-year-old twins. "But I wasn't ready to retire." Instead he used part of his $65,000 severance...