Word: citicorps
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...Wall Street upstart from Brooklyn 50 years ago. Since then, Citigroup chairman Sandy Weill got rich and famous building an empire that culminated with the Travelers-Citicorp merger in 1998. In the process he walked away once and busted up with friends like Jamie Dimon. Weill, 73, has written The Real Deal, on his dealmaking and how things could have gone smoother. He spoke with TIME's BILL SAPORITO about mending fences, how to keep marriages strong and his focus on philanthropy...
...appointed.”BANKROLLING IDEASDespite the resolute resentment of some disgruntled alums, many donors say they are still willing to invest in Summers’ vision, even if he is not the one who is realizing it. Richard M. Cashin ’75, the former president of Citicorp Venture Capital and a current managing partner at New York-based One Equity Partners LLC, writes in an e-mail that he thinks the agenda is more important than the individual sitting in the president’s office.“It may matter who the salesman...
Banks ordinarily would have been reluctant to extend more money to the debtors. But the Government's support made such big-city institutions as Citicorp and Chase Manhattan more willing to take the chance. Indeed, U.S. banks generally grew healthier in 1985 as they emerged from a two-year crisis of confidence among investors and depositors. Some other U.S. banks, though, had a tumultuous year. More than 115 failed during 1985, the highest number since the Great Depression. Most were small ones buried under a pile of failed farm loans...
...offer made to limping BankAmerica (assets: $117 billion), headed by President and Chief Executive Officer Samuel Armacost, 47. The proposal from Joseph Pinola, 61, chairman of California's First Interstate Bancorp (No. 9 in the U.S., with assets of $50 billion), was to forge a firm that would rival Citicorp ($176 billion) as the country's No.1 banking institution. Late last week, as BankAmerica board members considered Pinola's offer, Armacost abruptly resigned. The reason, as he put it, was "to help restore confidence in this organization's capabilities and future." Rumors immediately spread that his successor would be former...
...recently as 1979, California's BankAmerica was the world's largest and most profitable financial company, but it has since slipped behind New York's Citicorp, mainly as a result of losses from loans not repaid by developing countries and by such troubled industries as agriculture, real estate and shipping...