Word: citicorps
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Something has always separated Citicorp Chairman John Shepard Reed from the crowd. While many of his high-powered banking colleagues must lumber along in English on their travels abroad, he can close a deal in fluent Spanish or Portuguese. A political independent in a Republican-dominated business, he once criticized U.S. policy on Viet Nam during a White House meeting in front of his banking boss and a Cabinet officer. During the Reagan years, according to another account, Reed has driven up to the same prestigious Pennsylvania Avenue address in a humble white Toyota compact. Now the whiz kid once...
...Chicago-born son of an Armour meat-packing executive whose business travels took his family throughout South America, Reed has spent 22 years with Citicorp. But in many ways he remains an enigma, variously described by some of his fellow workers as icy and grim and by others as sensitive and humorous. One acquaintance says he has a "passion for detail and no time for mavericks" and that he maintains a studied aloofness with underlings. Associates consider Reed to be direct and serious, possibly to a fault. Says Investment Banker William Donaldson, a fellow outside director of Philip Morris...
Behind the sedate granite facades and oak-paneled boardroom doors of Wall Street, a bitter power struggle is under way that could well decide the fate of the $2.7 trillion U.S. banking industry. The battle pits behemoth against behemoth, commercial banks against investment-banking houses, prestigious names like Citicorp, Bankers Trust and BankAmerica against equally blue-chip concerns like First Boston, Salomon Brothers and Goldman, Sachs. But fundamentally, the struggle matches traditional U.S. bank-lending practices against computer-driven techniques that are drastically changing the way that more than $6 trillion worth of nongovernment credit is channeled through...
This week a significant chink may open in the Glass-Steagall wall. The Fed is expected to rule on the application of three major New York banks -- Citicorp, Bankers Trust and J.P. Morgan -- to begin securities underwriting. Their application depends on an interpretation of Glass-Steagall that would allow a modest amount of such activity within a bank holding company. The five Fed governors are believed to favor their bank petition. But those worthies were warned last February by Robert Downey, a partner in prestigious Goldman, Sachs, that such a decision could "change the financial world forever...
...billion in assets make it the seventh largest U.S. bank holding company, agreed to acquire Houston's Texas Commerce Bancshares (assets: $18.9 billion) for $1.19 billion. If completed, the merger will be among the biggest in U.S. banking history and will create the fourth largest bank company, behind Citicorp, BankAmerica and Chase Manhattan. One day after that deal became public, two large Dallas institutions, healthy Republic Bank and ailing Interfirst, announced a Texas- size merger of their own. The combined bank (assets: $35 billion) will be the $ twelfth largest...