Word: citicorps
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Some large U.S. banks now barter goods as a sideline. Says Daniel Nash, a trader hired by Citicorp's London countertrade division to turn commodities into cash for the bank's commercial customers: "Countertrade enables banking activity to continue where it otherwise might not. No one wants it, yet it is there as the only practical alternative for the hard-pressed LDCS...
Many of Benton's clients are from large corporations, and about 75% are men. Executives from such blue-chip firms as Xerox, Union Carbide and Citicorp have signed up without informing their bosses. Almost everyone praises Benton. "She's fabulous," says Pam Crowson-Brash, an account executive at the Foote, Cone & Belding ad agency in Chicago. "I feel I have an advantage over anyone who hasn't taken her course...
...Brothers is expected to be a neater fit. Its investment banking and securities trading operations complement Shearson/American Express's strengths in stock brokerage. The deal also gives American Express added firepower in the battle for national supremacy for all types of financial services against such other giants as Citicorp, Merrill Lynch and Sears...
...banking community, it was a close call. Argentina's largest private creditors are several New York banks, including Manufacturers Hanover ($1.3 billion on loan), Citicorp ($1.1 billion) and Chase Manhattan ($775 million). According to estimates by the Keefe, Bruyette & Woods investment firm, the missed payments on Argentine loans could have cut Manufacturers Hanover's expected earnings in the first quarter 28%, while Chase would have suffered a 12% decline and Citicorp a 7% dip. Many smaller banks outside New York would also have felt the pinch. Crocker National of San Francisco ($440 million on loan) faced an estimated...
...week began, the players in the debt poker game came together, appropriately enough, at the Hotel Casino San Rafael, the site of a meeting of the Inter-American Development Bank in the seaside resort of Punta del Este, Uruguay. Grinspun headed the Argentine delegation, while William Rhodes, representing Citicorp, led an eleven-member team of bankers. One banker joked that Punta del Este would witness its most explosive confrontation since three British cruisers challenged the German pocket battleship Admiral Graf Spee off the shores of the resort in December...