Word: citicorp
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Dates: during 1990-1999
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...distress is the downtrodden Northeast, where lenders in New York and New England are writing off bad loans at a furious pace. Many of the worst headaches are in New York City, which is home to seven of the 10 largest U.S. banks. Experts predict that such giants as Citicorp, the biggest U.S. banking company, Chase Manhattan (No. 3) or Chemical (No. 8) may have to merge with other large firms to survive. "There is a high chance for a major consolidation over the next one or two years," says James McDermott, who follows the industry for the Wall Street...
...real estate slump deepens, it is sending U.S. bank profits into the cellar. Last week Manhattan-based Citicorp, the largest U.S. bank holding company, blamed $573 million in bad real estate loans for a 38% decline in third-quarter earnings, which fell to $221 million. Chemical Banking Corp. reported a $43.7 million loss for the third quarter and slashed its quarterly dividend on common stock from 68 cents a share to 25 cents a share. In Los Angeles, Security Pacific's profits for the quarter dropped 27%, to $135 million. Other banks are expected to report substantial losses...
...Bank of New England (assets: $23 billion) "already has one foot in the grave," says an analyst. Even the big Manhattan-based "money center" banks are suffering from plummeting earnings and falling investor confidence. Chase Manhattan's stock has plunged almost 60% in the past year, to 16 5/8. Citicorp is down about 40%, to 17 3/4. Even J.P. Morgan, widely considered among the best managed and best capitalized major banks, has suffered a stock-price decline...
Wall Street is even more concerned about the company's problem loans at home. In the wake of the bankruptcy of Canadian raider Robert Campeau in January, analysts began to worry about Citicorp's high-risk loans for corporate buyouts. Another problem area: nonperforming real estate loans, which rose by 112% in 1989, to $1.3 billion...
...world's largest network of automated teller machines and has introduced such innovations as the touch- tone screen. The bank is currently linking its 2,000 ATMs worldwide, so travelers in, say, Singapore can tap their accounts in New York City or Buenos Aires. With a reach like that, Citicorp will remain a major player on the world banking stage...