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...beleaguered banking industry, where companies are combining to eliminate overlapping branches and services and thereby cut costs. San Francisco's BankAmerica is using a stock swap to acquire Los Angeles rival Security Pacific in a deal that will create the second largest U.S. banking company after Manhattan's Citicorp. In a similar transaction, Chemical Banking is exchanging $2.3 billion of its shares for the stock of New York City neighbor Manufacturers Hanover. "Debt has become a bad four-letter word," says Benjamin Griswold, chairman of Alex. Brown & Sons, the oldest U.S. investment banking firm...

Author: /time Magazine | Title: Wall Street The Dealers Return | 9/16/1991 | See Source »

...case of can-you-top-this fever. The latest combination is the largest in banking history, the merger of San Francisco-based BankAmerica with its smaller Los Angeles rival, Security Pacific. With $193 billion in assets, the enlarged BankAmerica will rank a close second to New York's Citicorp among U.S. banks...

Author: /time Magazine | Title: Banks: Looking for Security | 8/26/1991 | See Source »

...gold at the end of the information-technology rainbow remains elusive. Citicorp has watched close to $200 million go up in smoke since 1985. Its first major information-service investment, a joint venture with McGraw- Hill to supply electronic data on prices and market activity to oil traders, flopped after a year. Earlier this year, Citi pulled the plug on a computerized information service aimed at grocery shoppers. Knight-Ridder lost about $50 million in a failed home-shopping service. And in its ambitious effort to make paper vanish, Wang Laboratories itself almost disappeared when it bet the ranch...

Author: /time Magazine | Title: Technology: What New Age? | 8/12/1991 | See Source »

...York City rival Manufacturers Hanover in a $2.3 billion stock swap. The merger of the two huge but weak Goliaths, both burdened by hefty portfolios of ailing loans, will create a megabank with assets of $137 billion, second in size among U.S. banks only to New York's Citicorp. Moreover, the deal is likely to prompt a new wave of mergers across the country as other big banks struggle to remain competitive...

Author: /time Magazine | Title: Mergers Banking On Bigness | 7/29/1991 | See Source »

...merger in U.S. banking history, NCNB, based in Charlotte, N.C., offered last week to buy Atlanta's C&S/Sovran Financial in a stock swap valued at $4 billion. The deal would create a so-called super- regional institution with total assets of $116 billion, second in size only to Citicorp among U.S. banks...

Author: /time Magazine | Title: Banking: Survival of The Biggest | 7/8/1991 | See Source »

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