Word: citicorps
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...money business through its credit operation and its Allstate Insurance division, which was founded in 1931, as well as a Sears Savings Bank in Glendale, Calif. But the new subsidiaries put Sears squarely into the mad swirl of financial services. Sears intends to compete not only with banks like Citicorp and Chase Manhattan but also with Merrill Lynch and American Express in offering services like lending and selling stock. Last year the Sears financial-services divisions earned $703 million...
...said bluntly, "We don't want Sears, Roebuck in the banking business." He believes that nonbanks like Sears would have an advantage over a federally controlled bank or savings and loan. Bankers are worried about the power of a rival that has won such deep consumer loyalty. Outgoing Citicorp Chairman Walter Wriston has long complained that while Sears is free to enter his business, Citicorp is restricted by a mass of state and federal regulations...
...published by the Commodity News Service and then repeated around the world, prompted many foreign depositors to begin taking their money out of Continental. The FDIC arranged emergency infusions of cash and pushed Continental to find a merger partner. A number of leading banks, including New York's Citicorp and Chemical Bank and First Chicago, examined Continental's books; they were unwilling to take over the ailing bank without large amounts of financial help from the FDIC, which the agency was unwilling to give...
Once the run had been stopped, the FDIC tried to find a private buyer for Continental, but it had no takers. Such interested parties as Citicorp, First Chicago and the wealthy Bass family of Fort Worth all considered the deal and decided that Continental had more problems than they could handle. Since no one else was willing to step forward, the FDIC seemed to face no alternative but to take over the bank. Last week Continental and the FDIC still hoped that some private group might step forward, but they were fast losing all optimism about that possibility...
Theobald, though, accepted his disappointment with grace. The day the appointment was announced to employees, he was host at a cocktail party for Reed at the Club, a private dining room in the Citicorp Center on Lexington Avenue in Manhattan. Said a bank officer: "Theobald was the one who did it, not Wriston. Tom invited people over to have drinks for John, the winner. It was a class act." -By Charles P. Alexander. Reported by Barry Kalb/New York