Word: lavoro
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Dates: during 1960-1969
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...London's Midland Bank joined the Commercial Bank of Australia, the Standard Bank of London and the Toronto-Dominion Bank to create the Midland and International Banks Ltd. (capital: $56 million). Three months ago, Britain's Barclays Bank, the Bank of America, Italy's Banca del Lavoro, Germany's Dresdner Bank, Algemene Bank of The Netherlands and Banque Nationale de Paris formed Société Financière Européenne (capital: $7,800,000), with head offices in Paris and Luxembourg...
...business is as commonplace in Italy as pasta on the dinner table. The late Enrico Mattei, for instance, operated E.N.I., the giant government petroleum complex, almost as a financial arm of the Christian Democratic Party. A major exception to the rule has been Rome's Banca Nazionale del Lavoro, which for 53 years has kept out of politics even though the Treasury Ministry is its majority stockholder...
Longo's policies paid off. The Lavoro, which makes loans on everything from grain crops to Gina Lollobrigida movies, is now the world's eighth largest commercial bank. It has assets of $7.05 billion, last year earned $11,136,000 from the operations of 205 domestic and ten overseas offices...
Squabble Between Allies. Last week, though, the Banca del Lavoro was vault-deep in politics, and both Longo and Ettore Lolli, 58, his longtime No. 2 man and heir apparent, had resigned. Reason: a squabble between Christian Democrats and Socialists over who would be officially tapped to run Italy's biggest financial institution once Longo stepped out. The Christian Democrats favored Lolli, who has the backing of such important moneymen as Bank of Italy Governor Dr. Guido Carli and Treasury Minister Emilio Colombo. The Socialists, demanding jobs and economic power as the price for their 1963 split with...
Irreparable Consequences. Lolli's subsequent resignation and Longo's determination to leave with him turn the top management of the Banco del Lavoro into a lame-duck administration and hobble its operations. "We can do absolutely nothing about planning even six months from now," complains one bank official. Even some politicians resent the dumping of Lolli, an expert on international monetary matters whose views on the gold flow have been sought by the U.S. Treasury and Congress. The sequence of events that led to the Longo-Lolli resignations, said an editorial in the left-of-center Republican Party...