Word: citicorps
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After a four-year competition, Citicorp taps Reed for the top spot
...banking circles, the naming of a new chairman at Citicorp is like a coronation or a papal election. For years, speculation has mounted about the heir to Walter Wriston, 64, who retires in August as head of the largest (assets: $142 billion) private banking institution in the world. After a Citicorp board meeting last week, a bulletin was flashed to the company's 2,789 offices around the globe, and the suspense was over. The new chief: John S. Reed, 45, the brash and brainy young executive who led Citicorp's charge into nationwide consumer banking...
...will have to subtract the missing payments from second-quarter profits. Faced with a similar dilemma in March, the banks got their money when the U.S. Treasury helped put together a $400 million bailout plan for Argentina. Unless another rescue materializes this time, such banks as Manufacturers Hanover Trust, Citicorp and Chase Manhattan could suffer painful losses...
...subject of nervous speculation and dispute. Early last week the First Boston investment-banking firm provided the Wall Street Journal with estimates that, at worst, Manufacturers Hanover would lose 60% of its expected second-quarter earnings if Argentina missed its payments, while Chase would suffer a 25% drop and Citicorp a 15% decline. Some of the banks admitted that their profits would dip but said the losses would be modest. Maintained Citicorp Vice President John Maloney: "The First Boston projections are completely off the wall." Nonetheless, jittery investors dumped bank stocks. On the day the First Boston figures came...
...later First Boston released revised figures for Argentina-related second-quarter profit declines that were not as gloomy: 36% for Manufacturers Hanover, 17% for Chase and 9% for Citicorp. In addition, Federal Reserve Chairman Paul Volcker down-played the June 30 deadline: "I don't think it's terribly significant. What is at issue here is a fairly limited number of interest payments." Chase shares stabilized and finished the week at 31⅛, but Manufacturers Hanover stock slipped another ⅝, to close...