Word: citigroup
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...fixing things for good. President Clinton is expected to soon sign a bill repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed the regulators: Rubin, who left government this summer, joined Citigroup last week as a co-chairman...
...services up and down the customer ladder is mainly what this bill is about. Yes, you've heard it before, and, yes, it failed miserably in the 1980s. (Remember Sears, which added another dimension--buy stocks where you buy socks?) But with the government's stamp of approval on Citigroup's no-limit money enterprise, that model is sure to get another, more thorough test...
...same way that banks are bombarding customers with ATM and service fees, giants like Citigroup, MBNA, Bank of America and American Express are raising fees, to $20 or $30, for being late or over limit. They're also shortening and rigidly enforcing grace periods on bill payments, upping foreign-transaction fees and imposing penalty interest rates of 20% or more. Some bewildered customers are being punished for not charging enough (inactivity fees). And even if you pay your MasterCard, say, but fall behind on your Discover charge, the MasterCard issuer might raise your interest rate, because you're deemed...
...last year, according to Consumer Action. Today charges run as high as $35 a pop, helping propel industry-wide fee revenue, which now accounts for nearly 20% of all revenue, from $10 billion in '96 to $19 billion in '98, according to CardWeb.com Financial giants Citigroup, Bank One and Chase just reported strong second-quarter earnings, fueled by double-digit growth in credit-card income...
...enough to help poor neighborhoods and minorities get the service they need from reluctant insurers; Clinton says the Senate version takes too much regulatory turf away from the Treasury Department. Now the negotiators take over ?- and Wall Street is salivating at the prospect of a deal. When Citigroup?s model of one-stop financial shopping becomes officially available to the rest of the corporate herd, get ready for a merger stampede; Merrill Lynch, Lehman and DLJ are all potential acquisitions (or acquisitors). And in the meantime, financial stocks may be a pretty good...