Word: citicorp
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...high finance in an intoxicating cocktail that attracted the most flamboyant entrepreneurs of the past century -- Conrad Hilton, Richard D'Oyly Carte, Cesar Ritz. But check in today at thousands of U.S. hostelries, including Hiltons, Sheratons and Marriotts, and your innkeeper will belong to a far more somber group: Citicorp, Wells Fargo Bank, Travelers insurance and others...
American Express never really wanted a 282-ft. yacht. Bankers Trust isn't sure what it will do with the Grand Hyatt in midtown Manhattan, especially in the middle of a recession, nor is Manufacturers Hanover exactly giddy about owning the Regency Hotel in Atlantic City. But then Citicorp is not exactly cut out to be a retailer or an airline operator, either...
...sour loans, and the messy task of liquidating them, to make the deal appealing to buyers. The FDIC said it was talking with six possible suitors for the banks, including Ohio's prosperous Banc One Corp. and San Francisco-based BankAmerica Corp., the second largest U.S. banking company behind Citicorp in New York City...
Many other banks could do well just to survive the recession. Troubled lenders include such giants as Citicorp, which expects to report a loss of up to $400 million for the fourth quarter of 1990, and neighboring behemoths Chase Manhattan and Chemical Bank. While such firms seem unlikely to fail, they could wind up as merger partners with other big banking companies. Experts are particularly gloomy about the prospect for banks in New England. According to Gerard Cassidy, who follows the industry for the investment firm Tucker, Anthony, as many as 24 of the region's medium-size banks with...
...banks took part of their lumps in huge write-offs last year. Conceding that the full value of many loans will never be collected, Citicorp said it % expects to report at least $300 million in losses for the fourth quarter. Chase lost $623 million in the third quarter, while Chemical reported a $43.7 million deficit for the same period. The problems have taken their toll on workers as the troubled banks have slashed payrolls and shuttered divisions and offices. New York City banks have eliminated 15,000 jobs since 1987, or 8% of their work force...