Word: citigroups
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DIED. WALTER WRISTON, 85, financial guru who as chairman of Citicorp from 1967 to '84 redefined the way Americans use banks and set the stage for the company, now named Citigroup, to become the world's largest financial institution; of pancreatic cancer; in New York City. Witty, widely read and dedicated to hiring minorities and women--he was known to sneak women into management posts by using only their initials in correspondence--he expanded bank branches worldwide and offered diversified services like credit-card lending, mortgage banking and real estate development. But his most popular innovation came in 1977 when...
...places. And nobody challenged a key discrepancy: the amount of debt disclosed on the firm's balance sheet was at odds, by as much as $2.6 billion, with the corporate data on file at the Italian central bank. In a submission to the Parma bankruptcy court on Nov. 1, Citigroup said it "did not know of Parmalat's real financial condition from the Bank of Italy Risk Register, Bloomberg, or at all. It was lied to repeatedly by Parmalat...
...long-time Sandy Weill sidekick, Chuck Prince might have got a chance to run Citigroup in any event. But a progression of Citi scandals that began in the dotcom-bubble years with shady Enron dealings and stock touting for troubled telecoms quickened this lawyer's ascent. Prince, 54, landed the CEO job little more than a year ago. Since then, old improprieties have continued to surface, posing new p.r. nightmares-- including Citi's private-banking operation being banned from Japan just a few months ago for failing to guard against money laundering, among other things. To atone, Prince bowed deeply...
Jamie Dimon, the onetime heir apparent at Citigroup before being ousted in 1998, may yet have the last laugh. Dimon, 48, first engineered a monumental turnaround at Chicago-based Bank One-- pushing out top managers, slashing costs by $1.5 billion and helping to turn a $511 million loss in 2000 into a $3.5 billion annual profit three years later. Then he staged a triumphant return to New York City, when Bank One merged with JPMorgan Chase last year. In 2006 Dimon will become the merged firm's CEO, but he has already begun reshaping the institution in the trademark...
...corner, wallets snap shut again. Part of the problem this time is that companies have been loath to share their record profits with employees. "Economic recovery started in early 2002, and worker income still has not risen," says Jeffrey Young, head of economic and market analysis at Nikko Citigroup in Tokyo. As a result, domestic spending in the third quarter edged up only...