Word: citicorps
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Throughout the week, name-brand stocks like Citicorp and J.P. Morgan--stocks that usually trade in eighths and quarters--dropped in two- and three-point gulps. I tried to scoop up some Chase bank shares at $47, only to be told I had bought it at $45--seemingly good news, but the stock was at $44 by the time I got confirmation of the trade. Sure, some of the lack of liquidity might stem from the large number of traders still vacationing, but most of it came from fear--fear that if the sellers didn't act fast, someone would...
...other tables. Most are 10 years younger, from more privileged backgrounds. When Zhong was their age, in the late 1980s, there was no way a peasant's son from rural China could have contemplated hopping between jobs, getting an education and applying for a job with "Goldman Sachs or Citicorp," as Zhong hopes to do. Today, with the economic reform being pressed by Zhu Rongji, the new Premier, the Chinese dream knows no limits. "Making money has become the thing to do in China; people judge you by how wealthy you are," says Zhong. "It is all a search...
...last line of the DOJ's lawsuit against Microsoft asks "that the plaintiff recover the costs of this action" -- in other words, that Bill Gates cough up for Klein's legal fees. But the AAG's point is well taken: When billion-dollar corporate lovefests like Travelers Group-Citicorp and Daimler Benz-Chrysler seem to take place every other day, and the responsible watchdog's budget has not been adjusted for inflation since 1993, it's time to pass the hat. Still, as anyone who has tried to navigate www.usdoj.gov/atr knows, the first thing Klein needs...
...future the industry would have just five or six major banks) announced plans to merge his $116 billion bank with the much merged $115 billion First Chicago NBD Corp. All this came just a week after insurance and brokerage giant Travelers Group announced plans to tie the knot with Citicorp, the second largest bank in the U.S.--a $76 billion marriage, not just of services but of two industry titans: Sanford Weill, who emerged from a messenger job at Bear Stearns to conquer Wall Street; and John Reed, the no-compromises Citibanker who manhandled his firm back from the edge...
Still, the recent mergers of Citicorp with Travelers, NationsBank with BankAmerica, and Bank One with First Chicago show that the push for bigness remains intense. Just about everyone expects a handful of not-quite-ready-for-prime-time banks--Mellon Bank, Wells Fargo, Norwest, Fleet Financial and others--to be bought or to find partners themselves. Meanwhile, those same banks, and many middle-size ones too, sport prices inflated by speculation. Their high stock prices give them currency to shop for smaller prey of their own. Fertile deal territory, for sure...