Word: citicorp
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Dates: during 2000-2009
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...points to the demise of the Glass-Steagall Act in 1999 as an unfortunate tipping point of deregulation. Glass-Steagall, passed in 1933, separated investment banking and plain-vanilla banking, which some experts argued made markets safer. (Certain restrictions of Glass-Steagall were repealed to allow the merger of Citicorp and Travelers. Let's just say that didn't end well.) "That was the single moment when the seeds for the bad stuff were planted," says Brands. "There was a belief that technology, the Internet and financial instruments had changed things, and the ones selling this idea and these instruments...
...part, Citigroup says its turnaround plan - which has effectively split the company in two - is working. And while Citi Holdings, in which Citi has stuck its mortgage loans, is still in bad shape, Citi officials say Citicorp, which the bank calls its "core" investment bank and its retail bank divisions, is on the mend. Later this week, Citi plans to complete the first stage of a deal to swap a large chunk of its preferred shares for common stock, which will greatly improve the financial standing of the bank - though it will also more than quadruple the company's shares...
What was up is now down and the other way around, and it's going to stay that way for some time. Former powerhouses such as Bank of America and Citicorp have turned into shadows of their former selves as they shed assets and withdraw from foreign markets. Meanwhile, lenders in China and India that are little known outside their home countries now have the wherewithal to expand internationally. They have the potential to become the Citicorps of tomorrow. (See pictures of the global financial crisis...
...April 7, 1998, Citi was created from the merger of banking operation Citicorp and insurance operator Travelers. Citi has laid off tens of thousands of people over the past year, but it is still tremendously large, the way its founder hoped it would be, with more than 300,000 employees. (See pictures of the global financial crisis...
...Wall Street is hoping that Prince Alwaleed bin Talal will ride to the rescue of America's crumbling banks, here's the word from the Saudi billionaire: Thanks, but no thanks. Having bailed out Citicorp on a couple of occasions - most recently by helping in its recapitalization earlier this year - Al-Waleed says he's not in the market for any more U.S. financial sector assets...