Word: reed
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...fact, Reed has thrived on challenges. He took two undergraduate degrees in a rigorous five-year program that had him enrolled in engineering courses at Massachusetts Institute of Technology and in liberal-arts studies at Washington & Jefferson College near Pittsburgh. Reed served in Korea as an Army Corps of Engineers officer, then briefly joined Goodyear Tire & Rubber as a trainee. In 1965 he earned a business degree from M. I. T. 's Sloan School of Management, signing on after graduation with Citicorp's predecessor, First National City Bank. Within five years, Reed found himself head of the bank's notoriously...
...success won Reed the daunting task of expanding the bank's consumer business, a major goal of former Chairman Wriston, who became a mentor. Reed triumphed again: he opened hundreds of new branches, bought the Carte Blanche and Diners Club credit-card companies, and launched Citicorp even more heavily into the consumer credit-card business by signing up 2 million new members for Citibank Visa cards. Expansion initially created staggering bank losses of more than $200 million in three years. But Reed eventually turned the consumer operations into a major moneymaker -- and helped position himself as a prime contender...
Rumors of what Citicorp Chairman John Reed was about to say had already roiled stock and bond markets last week as the trim executive stepped up onto a rostrum in Manhattan. Soon the confirmation flashed around the world: the largest U.S. bank (1986 assets: $196.1 billion) had made an almost heretical break with the U.S. financial community's long-standing practices in handling its crushing burden of $62 billion in Third World debt. Reed declared that Citicorp intends to set aside, effective immediately, no less than $3 billion in additional reserves to cover loan losses on its $133 billion portfolio...
...buttress the bank's financial statement, which until now has been steadily profitable (see chart). But the move could have a profoundly unsettling effect on the hundreds of other international banks and dozens of debtor countries involved in the five-year- old Third World debt standoff. At one stroke, Reed had admitted that Citicorp, and probably most other large banks as well, may never collect on major portions of the onerous Third World debt burden...
...vote of confidence. At first, apprehensions about the bank's write-off announcement rekindled the stock market's hair-trigger fear of a banking crisis. Partly as a result, the Dow Jones average of 30 industrial stocks took a nose dive of 37.38 points on Tuesday, just before Chairman Reed made his disclosure. The market quickly stabilized the next day, and Citicorp's stock rose to close the week at 55 3/ 8, up 4. Investors praised Citicorp's openness. Said an approving Lowell Bryan, a director of the Manhattan-based McKinsey consulting firm: "This is the start of realistic...