Word: city
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Dates: during 1970-1979
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Wriston termed the Post story "the moral equivalent of publishing raw data from an outdated FBI file." He insisted that Citi bank's condition is "excellent." Rockefeller called the story "a clear case of irresponsible journalism" and asserted that Chase is "sound, vital and profitable." Comptroller of the Currency James E. Smith noted that all the in formation was taken from outdated reports some l l/2 years old. Both banks have had subsequent inspections and, except for the loan losses, they apparently more than satisfied the examiners. The banks, said Smith, "continue to be among the soundest banking institutions...
...though the Post story was vastly overplayed and gave little perspective, it did touch on real concerns with in the banking community. The comptroller's office no longer keeps the list that the newspaper described, but it did until sometime last year. Citi bank, the second largest U.S. bank, and Chase, the third largest, really had been on the list. And the fact that two such giants could have been deemed in need of extra regulatory attention illustrates the pervasive na ture of some genuine troubles in the nation's banking system. Collectively, the 14,600 U.S. commercial...
...some consumers and businesses, especially those with less-than-top credit ratings, will be unable to borrow as much as they want. Indeed, for the banking system as a whole, the current troubles have brought a pause after a dec ade of pell-mell expansion and diversification in which Citi bank and its aggressive, caustically droll Chairman Wriston led the way. The outlook now is for several years of more cautious policies - and tighter Government supervision...
Nearly all industries are enjoying an earnings bonanza, which suggests that it is based on a solid, sustained expansion of the whole economy. Profits were up in 27 of the 32 industries in Citi-Bank's study, and the list of companies that have reported an after-tax earnings gain of 20% or more in the second quarter is impressive-General Motors, Ford, IBM, Sperry Rand, DuPont, Union Carbide, Caterpillar Tractor, International Paper, B F. Goodrich, Eastman Kodak and Zenith. Small firms in the same fields are often doing even better, according to Michael K. Evans, president of Philadelphia...