Word: second-largest
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...clearest indications has been the transformation of IRI, a vast state-run conglomerate that dates back to Mussolini. The 1,079 firms in IRI's portfolio include Alfa Romeo, Alitalia airline and Banca Commerciale Italiana, the country's second-largest bank. While this leviathan was losing nearly $2 billion a year, previous governments had been reluctant to touch it. Craxi encouraged IRI's new president, Romano Prodi, to take bold action. He promptly laid off 47,000 unionized workers and raised more than $3 billion by selling all or part of 35 companies and other holdings...
...economic change finally caught up with several companies and produced a chilling succession of financial calamities. The shocks came one right after another, starting on Monday, when the First National Bank & Trust of Oklahoma City (assets: $1.6 billion) collapsed from the weight of bad energy loans. It was the second-largest bank failure in U.S. history (after the 1974 fall of the New York-based Franklin National Bank) and a likely portent of another round of financial trauma in the oil patch. Just two days later, BankAmerica (assets: $117 billion), the No. 2 banking company in the U.S. after Citicorp...
...need for increased World Bank lending grows graver every day. U.S. and international aid officials were closeted last week with representatives of the second-largest Third World debtor, Mexico. A major oil producer, Mexico has been badly hurt by the plunge in petroleum prices and is desperately trying to renegotiate the terms of its $98 billion debt...
...wrong side of a surrender ceremony as he sat with Burroughs Chairman W. Michael Blumenthal last week at a press conference in Manhattan's St. Regis Hotel. For a year Probst had resisted a determined drive by Burroughs to take over his company and thereby form the world's second-largest computer manufacturer, after IBM. In the end, though, the advance was irresistible. New York City-based Sperry agreed to be acquired by its Detroit rival for $4.8 billion. A triumphant Blumenthal said he hoped that this "major new force" in computers would give IBM some real competition at last...
...swift growth has come largely through acquisitions. Last year, for example, GM bought Norwest Mortgage of Minneapolis and Philadelphia's Colonial Mortgage group for $335 million. That made GMAC the nation's second-largest mortgage lender, with $22 billion in commercial and home loans on its books. Also in 1985, Chrysler acquired E.F. Hutton's commercial lending subsidiary for $125 million, and Ford paid $493 million for San Francisco-based First Nationwide Financial Corp., the holding company for the eighth-largest savings and loan...