Word: citicorp
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Because of its huge losses, Home State will be allowed to reopen only if it is merged with a much larger bank. Manhattan's Citicorp and Chemical New York are showing interest but have made no commitments. Home State's customers desperately hope for a buyer to come along because the new Ohio legislation does not require the failed bank to give them even the $750 a month. The depositors are not likely to suffer quietly. More than 50 marched last week into the Ohio statehouse, chanting "We want our money back...
...real estate and savings services. As a result, Merrill Lynch was able to breeze past the collapse of the '60s go-go market and, as the deregulation era dawned, to become a serious contender for retail-banking customers. Asked in 1979 to describe the financial institution of the future, Citicorp Chairman Walter Wriston replied without hesitation, "Don Regan already runs it. It's called Merrill Lynch...
Corporate investors in South Africa include most of the U.S. blue-chip giants. Among those singled out by protesters: Citicorp, which has in the past lent money to the Pretoria government; Mobil Oil, which has invested about $426 million and sells its products to the government's procurement office; and IBM, whose computers are used by the country's bureaucracy. Business spokesmen argue that U.S. firms provide jobs for blacks in South Africa, work quietly to break down racial barriers and would be replaced by companies with a lower social consciousness if they pulled out. Indeed, many...
This foreign debt is owed primarily to nine major institutions: BankAmerica in San Francisco, First Chicago and Continental Illinois in Chicago, and Citicorp, Chemical, Chase Manhattan, Manufacturers Hanover, Morgan Guaranty and Bankers Trust in New York City. Together they have $54 billion on loan to Latin America and the Caribbean. That represents a disturbing 157% of the banks' capital, which is the portion of their assets that belongs to the institutions themselves and their shareholders, rather than depositors. In a more limited way, dozens of regional banks, including Milwaukee's First Wisconsin Corp., National Bank of Detroit...
These impressive numbers raise questions in the minds of worried depositors: How could a Citicorp, much less a First Wisconsin, become so deeply involved in questionable foreign lending? Who is to blame? Why did Government regulators not keep the loans from getting out of hand...