Word: citicorps
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Other businesses are getting in on the game as well. Some banks, including New York City's Citicorp, arrange for their Visa and MasterCard holders to receive frequent-flyer mileage every time they use their credit cards. The variations on this strategy are potentially unlimited. Members of TWA's frequent-flyer plan can chalk up mileage by buying Glad trash bags...
...week Bank of Boston, the 13th largest U.S. bank, said it plans to write off $200 million of its total $1 billion in Third World loans and set aside $470 million to pay for losses it might sustain on the rest. While other banks, led by New York's Citicorp, announced huge set-asides earlier this year to cover losses on Latin debt, the Boston bank's move was the first time that a major lender had given up on such loans. The radical decision puts pressure on other banks to make similar admissions. That would be costly. If Citicorp...
Already, the limited coming-to-grips with bad loans has wiped out 1987 profits at many major U.S. banks. Analysts expect most of the largest institutions to post overall losses. Among them: Citicorp, BankAmerica, Chase Manhattan, Manufacturers Hanover and Chemical Bank. Last week Pittsburgh's troubled Mellon Bank, the twelfth-ranking U.S. institution, disclosed that it would be about $220 million in the red for the fourth quarter, after boosting its loan-loss reserves...
...large firms have also shaken student confidence in the banking field. Shearson Lehman Brothers bought E.F. Hutton this week and Business Week reported that many of E.F. Hutton's 18,000 employees will be "redundant" when the two corporations merge. Salomon Brothers lad off 800 workers this fall, Citicorp eliminated 1000 positions or one-tenth of their total employment, and Kidder Peabody also laid off 1000 workers...
...Allrighty...IBM? EXXON? CITICORP?..." he said, going down his checklist of still available jobs...