Word: expansionism
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Dates: during 1970-1979
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None of this poses the smallest threat to the system's solvency. No major bank failures are expected; banks will be able to meet their loan commitments, and the hundreds of billions of dollars that savers have deposited in them are in no danger what ever (see box). But...
The new caution extends beyond loan policy. Most bank managers have ceased, at least temporarily, their ardent pursuit of the Great God Growth. Expansion in the U.S. and abroad and diversification into other businesses have drastically slowed at almost all banks. As far back as a year ago, A.W. Clausen...
Nadler's comments are overly harsh: the new bankers promoted more economic growth than the legendary gimlet-eyed banker of old, who would grant a loan only to a borrower who could prove that he did not need one. That, at least, is the central argument of Walter Wriston...
Obviously, terminals offer banks a way to establish nationwide networks of services. Terminals can be located in stores and shops anywhere and are capable of handling almost all consumer transactions, including deposits and withdrawals, without requiring the customer ever to enter the bank. Legal fights started by small banking interests...
In the forefront of expansion is exactly where Wriston intends to keep Citibank. Today, while other bankers talk of retrenchment and caution, Wriston clings to his goal of a 15% profit growth each year (an aim that Citibank did not quite achieve in 1975). Many bankers believe that such a...