Word: wriston
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Decades of conservatism and very little new lending--by the mid-1940s, more than half of City's assets were in U.S. government bonds--gave way to a new era of growth in the 1950s. The drivers were international expansion and domestic innovation, and the leader was Walter Wriston. The bank's CEO from 1967 to 1984, Wriston changed the y in City to an i. After years of success, though, he left the bank with billions in bad loans to Latin America. Only profits generated by the U.S. retail-banking and credit-card juggernaut built by Wriston's prot?...
DIED. WALTER WRISTON, 85, financial guru who as chairman of Citicorp from 1967 to '84 redefined the way Americans use banks and set the stage for the company, now named Citigroup, to become the world's largest financial institution; of pancreatic cancer; in New York City. Witty, widely read and dedicated to hiring minorities and women--he was known to sneak women into management posts by using only their initials in correspondence--he expanded bank branches worldwide and offered diversified services like credit-card lending, mortgage banking and real estate development. But his most popular innovation came in 1977 when...
Nathan M. Pusey '28 was a late addition to the selection process. Although he had been previously suggested by Brown President Henry Wriston and distinguished academic Victor Butterfield (both formerly of Lawrence College, where Pusey was president), but it was his visit to New York City in May 1953 that finally caught the Corporation's attention...
...frenzied stock exchanges drove the price of diversified firms higher than that of the separated parts--the opposite of what happens today. "Investors came to overvalue growth by acquisition," says Walter Wriston, former chairman of Citibank. "That was because of this idea that a good manager could make two plus two equal five...
Such advice has often placed Sachs in a cross fire between U.S. bankers, who oppose large-scale debt forgiveness, and populist foreign critics, who resent his calls for fiscal austerity. Walter Wriston, the former chairman of Citicorp, whose Citibank unit has more than $8 billion in outstanding Latin American loans, calls Sachs "a paid flack for the countries of Latin America." Wriston argues that widespread loan write-offs would prevent Latin countries from receiving new credit. At the same time, Julio Bravo, finance secretary of the Bolivian Worker's Central Union, charges that as a result of Sachs' advice, "salaries...