Word: citicorps
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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...
...latest wave of cutbacks follows similar steps by IBM, Citicorp and Kodak. Wall Street usually hails such moves, since they help shore up corporate profits. But economists worry that the deterioration in the job market will compound the recession by making consumers too nervous to shop...
Swiss Bank wasn't alone. Dozens of banks were left holding the bag. Among those with the heaviest exposure: Midland, Lloyds, National Westminister, Barclay's, Sumitomo Trust, Credit Lyonnais, Citicorp and Bankers Trust. While most banks were plain old gullible, some claim that they were duped. "We weren't wearing blinders," explains a banker. "But maybe we should start asking borrowers to take lie-detector tests...
...rundown U.S. economy sent discouraging new signals last week that it cannot shake the blahs. In one major sign of weakness, a virtual Who's Who of blue-chip companies reported huge losses or falling profits for the third quarter of this year. Citicorp lost $885 million largely because of red ink at its Quotron stock-reporting service and costs stemming from the layoff of 5,000 workers earlier this year. The largest U.S. banking firm said it would suspend its dividend and dismiss several thousand more workers. Among manufacturers, IBM said slumping sales caused its profits to plunge...
...most years, about 30% of all credit cards are in the penalty box, stashed away by consumers who are trying to get their spending under control. But these aren't normal times. Right now, fully half of Citicorp's 30 million Visa and MasterCards are dormant. To chairman John Reed, that's worrisome. As the % largest issuer of such cards, Citicorp relies on the profit from those operations (last year: $610 million) to offset disasters like the depression in commercial real estate. As Americans get serious about whittling down their debts, the profit cushion for many bankers is getting uncomfortably...