Word: nonbanker
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...banks to set up branch offices outside their home state, major institutions have exploited technicalities to spread like kudzu across the landscape. Citicorp now operates 980 offices in 41 states. Comptroller of the Currency Conover gave the movement a boost this month by approving permits for 83 so-called nonbank banks. These are institutions that can take deposits and provide all other financial services except making commercial loans. Banks have also tried to boost their share of the mortgage market by acquiring thrift institutions, the traditional source of home loans. Last January Citicorp, for example, bought Chicago's troubled...
...Boston have become serious challengers to such pension-fund giants as Prudential Insurance, Equitable Life Assurance Society and Citibank. One example of the trend: General Motors plans to reduce the portion of its $17 billion of pension funds handled by banks. The company says it will hire more nonbank managers to improve its funds' performance...
...members of the French Rothschild clan will not lack for things to do with their money. Unaffected by the nationalization are the nonbank personal holdings of Baron Guy and Cousins Baron Alain and Baron Elie, including New Court Securities, a U.S. investment firm based in New York City, which will now receive more of the family's attention and money. And beginning Jan. 1, 1982, New Court will change its name to a more golden sounding sobriquet: Rothschild...
...ruling that R.H. Macy & Co., Inc., the New York-based department-store chain, and Safeway Stores, Inc., now the nation's biggest supermarket group, could not share a director because Macy's sold gourmet foods. If the Government can establish a precedent that ties between banks and nonbank companies are subject to the law, and that banks and insurance companies compete, it can be expected to launch more suits. It might contend that the same person cannot serve as a director of a bank and oil company because both issue credit cards...