Word: citicorp
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...anxious time to be a banker, nowhere is the level of nervousness higher than in the U.S. Depressed earnings at many of the country's largest lenders have raised questions about the health of the entire industry. Citicorp, the biggest U.S. banking company, announced last week that its profits for the second quarter fell 37%, to $248 million, from the same period a year ago. Citicorp attributed much of the decline to increased losses on real estate lending, particularly to developers in the troubled Northeast. Chase Manhattan, the No. 2 banking concern, reported second-quarter profits of $52 million...
...Chicago, Manufacturers Hanover Trust and other U.S. multinationals known as money-center banks have sliced their foreign presence just as dramatically. Chase Manhattan, which has been operating overseas for more than 100 years, has closed or sold offices in 22 (of 55) countries. Among the U.S. money-center banks, Citicorp is one of the few still trying to expand its international network...
...largest banks gives a clear view of the winners and losers in the bruising battle. Of the world's 20 top banks, 14 are Japanese, led by giant Dai-Ichi Kangyo (assets: $413 billion). Five are European, topped by France's Credit Agricole (assets: $243 billion). Only one, Citicorp ($231 billion), is American. In fact, of the 50 largest banks in the world, only three are American: Citicorp, Chase Manhattan and BankAmerica. "U.S. banks are pygmies in a world of giants," says Lowell Bryan, a banking analyst at the consulting firm of McKinsey & Co. in New York City. "Although...
...forced write-offs will affect such giants as Citicorp and Chase Manhattan, whose nonperforming loans to both countries amount to $4 billion and $2 billion...
...construction of the New Kansai International Airport was "too difficult for foreigners" even though American companies have turned the deserts of Saudi Arabia into gleaming futuristic cities. While Japanese banks widely expand in the U.S., foreign banks control less than 2 percent of the banking business in Japan, and Citicorp was reportedly blocked in its quest to acquire the bankrupt Heiwa Sogo Bank owing to inside influence. Sumitomo Bank, one of Japan's largest banks, acquired...