Word: citicorps
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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...
...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...
...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...
...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...
...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...