Word: wriston
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...year from its current level of 12.75%, and moving to 14.5% by the close of 1985. That prospect had Caldwell tempering his own optimism for the year ahead. Said he: "The specter of higher interest rates is disturbing. People in the business community are very concerned." However, Walter Wriston, former chairman of New York's Citicorp who retired in August, offered a more bullish view when he predicted a "drifting down of interest rates over the next six to eight months...
...want Sears, Roebuck in the banking business." He believes that nonbanks like Sears would have an advantage over a federally controlled bank or savings and loan. Bankers are worried about the power of a rival that has won such deep consumer loyalty. Outgoing Citicorp Chairman Walter Wriston has long complained that while Sears is free to enter his business, Citicorp is restricted by a mass of state and federal regulations...
...Wriston is right to worry. Telling says that a large number of Sears financial customers are "men and women who have been unwilling to venture into traditional securities brokerage and real estate offices, but who trust the integrity that Sears has established over time." About 60% of Dean Witter's new clients at the 234 Sears Financial Service centers are first-time brokerage accounts. Overall, these clients are younger, with slightly lower household income than Dean Witter's traditional customers. Says David Wells, 37, a Chicago engineer and experienced investor who has opened a brokerage account...
...boyish-looking Reed, who was nicknamed "the Brat" early in his 19-year Citicorp career, seemed like a long shot to be chairman because the consumer division he had directed since 1974 was a big money loser. Prodded by Wriston, Reed had moved aggressively to open consumer-loan offices from coast to coast. He had acquired the Carte Blanche and Diners Club credit-card companies and signed up 2 million new customers across the U.S. for Visa cards...
...disappointment with grace. The day the appointment was announced to employees, he was host at a cocktail party for Reed at the Club, a private dining room in the Citicorp Center on Lexington Avenue in Manhattan. Said a bank officer: "Theobald was the one who did it, not Wriston. Tom invited people over to have drinks for John, the winner. It was a class act." -By Charles P. Alexander. Reported by Barry Kalb/New York