Word: teller
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...daughter. The new title came from an Anglican hymn: All Creatures Great and Small. The rest is history, geography and mathematics. The book hit bestseller lists before the reviews were in. Herriot went on to prove that despite his obscure locale and inarticulate subjects, the right story teller could make a Yorkshire cow a moveable beast. Today some 2½ million copies of his works are in print, making their author the most unlikely literary superstar since Joy Adamson wrote about a lion who was born free...
Some banks, on the other hand, have decided to go after consumer business and de-emphasize the corporate side of finance. The most innovative of these is Citibank, which has sunk $225 million into new consumer technology. It has installed 468 automated-teller machines that now dot the streets of New York City like so many telephone booths. The new tellers can take deposits, issue cash and transfer funds from a savings account to checking. The machines already handle about 30% of the bank's consumer business at one-half the cost of transactions handled by human tellers. Says...
...borrows low and lends low to customers he knows. He can keep his rate below the rate of other banks because 35% of his deposits are in non-interest-bearing checking accounts, and 10% are in 5¼%-interest passbook accounts. Last winter another nearby bank installed an automated-teller machine, but Smith notes that it is hardly ever used. Says he: "What all this is telling me is that you can do a lot of things to push around figures, but you can't change human nature that easily...
DIED. Robert McNeil), 75, who as chairman of Manufacturers Hanover Trust from 1963 to 1971 led the banking industry in a successful four-year fight for federal clarification of how antitrust laws affect bank mergers; in Orlando, Fla. McNeill worked his way up from a small-town bank teller to become a vice president of Hanover Bank in 1940, and went on to help engineer its merger with Manufacturers Trust...
...second largest bank ($102 billion in assets), Wriston has replaced David Rockefeller as the premier spokesman for America's moneymen. A graduate of Tufts University's Fletcher School of Law and Diplomacy, Wriston has pushed Citibank into the forefront of the banking revolution symbolized by automatic teller machines. Low interest rate ceilings on passbook deposits, he maintains, discourage the savings that are desperately needed to spur investment. Says he with characteristic bluntness: "We're being forced to rip off the public. The savers are subsidizing the borrowers...