Word: landesbank
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Dates: during 1970-1979
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...developed any upward momentum of its own, and will not until Carter can convince the hard-bitten cynics of the exchange markets that the U.S. is prepared to follow a tough anti-inflation policy as long as may be necessary. Said Walter Seipp, vice president of the Westdeutsche Landesbank in Düsseldorf: "Everything depends on whether the U.S. Government will succeed with its very tight money policy in reducing the American inflation rate and improving its trade balance...
...Finally, though banks on both sides of the Atlantic have gotten burned speculating in foreign currencies, the losses have been much worse in Europe. In the U.S., Franklin National Bank lost $63.6 million in the first five months of this year, largely because of currency trading; in Germany, Westdeutsche Landesbank Girozentrale dropped more than $100 million, and Bankhaus I.D. Herstatt lost so much that it folded in late June (TIME, July 8). U.S. banking authorities expect no more Franklin National cases, but European financiers are nervously awaiting more collapses of the Herstatt type...
...banking generally. Herstatt had incurred, and concealed, massive losses through speculation in foreign currencies. Similar fates have overtaken banks in other countries. In the U.S., currency trading has cost the Franklin National Bank dearly (TIME, July 1); in Switzerland, the Union Bank reportedly dropped $50 million; in Germany, Westdeutsche Landesbank Girozentrale has lost perhaps $110 million...
Bank combinations are taking a variety of new forms, cutting across rivalries as well as boundaries. Westdeutsche Landesbank Girozentrale, for instance, joined with National Westminster, Chase Manhattan and the Royal Bank of Canada to start "Orion." The constellation is divided into three parts: a commercial bank, a merchant bank, and a marketing wing that will steer customers of the four shareholding banks to Orion. Another new banking combine is London Multinational, which is backed by Baring Brothers, New York's Chemical Bank, Credit Suisse, and Chicago's Northern Trust. Still another grouping, called Atlantic International, brings together, among...
...Aboard. The multinational trend has built up a momentum of its own. Says Dr. Heinz Sippel, a Westdeutsche Landesbank representative at Orion: "There were a number of trains standing in the station, and we wanted to be sure to get aboard one of them before they all pulled out." Guido Carli, governor of the Bank of Italy, has long criticized Italian banks for lagging behind the "financial supermarkets" of the U.S., in size and range of services. By working together, Europeans will be able to provide both sufficient capital for the needs of the 1970s and the flexibility to deliver...