Word: chases
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Wall Street analysts had predicted that the Chase would show a decline. But the worse-than-expected results gave new life to a major topic of debate on the Street: What is wrong with the Chase? To which a top analyst replies archly: "Two things: David Rockefeller...
...early '60s, Rockefeller greatly enhanced the bank's image and developed into one of the world's most respected financial statesmen. He was a vigorous force in expanding the bank's retail and commercial business. But now his name seems to magnify the Chase's problems. A Rockefeller somehow should not be beset with the financial problems that affect ordinary bankers. Yet David Rockefeller is at least partly to blame for the bank's problems. Since the bank has historically been known as the Rockefellers', David was destined for the top job ever...
...clear shot at the top had the effect of discouraging the kind of compulsive overachievers who were attracted to its rival Citibank. Under the leadership of the aggressive Walter Wriston, Citibank overtook the Chase in 1968 and is now challenging the Bank of America for the No. 1 spot. While Wriston has vigorously recruited executives from far afield to put new zip into banking, Rockefeller has fostered a clubby-his critics say complacent-atmosphere in the Chase's upper echelons...
When Rockefeller took over as chairman from George Champion in 1969, he inherited one big mistake-the Chase's failure to expand into foreign markets, where the Bank of America and Citibank were making major and highly profitable inroads. Rockefeller belatedly corrected that failing. But under his leadership, the Chase made other errors. Citibank set up a special data-processing operation with a team of industrial engineers to cope with the growing volume of checks and other paper. Chase, though it has computerized its operations, still has not completely solved its paperwork problems...
Most important, the bank took financial risks that resulted in a higher percentage of bad loans than its competitors. Critics contend that the losses stemmed from more lenient lending standards than those of other banks. One consequence: the Chase has written off $136.8 million in actual bad loans so far this year. That is a greater loss proportionately in relation to Chase's outstanding loans than those suffered by its two big competitors. Last winter the Federal Reserve reportedly placed Chase on its "problem" list (TIME, Jan. 26) and criticized the bank's loan operation as suffering from...