Citicorp: The Story of a Bank in Crisis [Hardcover]

Richard Bradford Miller (Author)

Book Description

Publication Date: March 1993

Citicorp, the largest banking organization in the United States, is caught in dire financial straits. Once ranked as one of the top five largest banks in the world, it's now not even in the top 25. Awash with mounting losses on its real estate loans, it is looking at sharply reduced profits and a severe loss of both power and prestige. What's behind this turmoil? In this book, Richard Miller investigates a world-class banking company in deep trouble. Combining research and interviews of key Citicorp officials and associates of the organization, Miller traces the story of the firm's relentless growth from its beginnings in 1812 to the present under the high-tech - and increasingly suspect - stewardship of John Reed. The author details the managerial squabbles at the top, the failures to meet regulatory challenges and the sometimes shabby decision-making that has forced the corporate giant to write-off billions in bad loans. "The late, great Citicorp" also profiles what may be ahead for the banking company as it teeters at the financial brink, and as hungry competitors continue to gain strength. This book explains why bankers and regulators everywhere are holding their collective breath as this once mighty financial giant strives to survive.

Editorial Reviews

From Publishers Weekly

In the 1980s banking was a glamorous industry handling multimillion-dollar mergers and acquisitions, credit card operations, real estate deals and foreign loans. The largest U.S. bank was Citicorp, with 3300 branches, offices on six continents, and a staggering $1.858 billion profit in 1988. Veteran business journalist Miller of Bankers Magazine presents a stinging analysis of Citicorp's poor management, faulty loans, bad investments and steep losses in the late 1980s and early 1990s. While he blames former chairman Walter Wriston for the foreign loan debacle, his primary target is current chairman John Reed. Armed with facts and numbers, Miller builds an interesting case against Citicorp. Yet his allegations often fail to produce a smoking gun, notably regarding accusations of money laundering and technical insolvency. Also missing is detailed comparative material covering other money center banks and the growth of super-regional banks.
Copyright 1993 Reed Business Information, Inc.

From Library Journal

In many ways , the story of Citicorp is the story of the American dream come full circle. This book is about the largest bank in this country, with "a network of 3300 branches, offices, subsidiaries, and affiliates spanning six continents and located in 92 countries." From its beginnings in 1812 to the present, Citicorp's story is one of meteoric success as well as dreadful mismanagement. Along the way, veteran financial journalist Miller does credit Citicorp for banking innovations like developing the negotiable certificate of deposit (CD), using credit cards, and implementing the technology for the automated teller machine (ATM). Unfortunately, for every plus there is a minus; the author finds fault with how Citicorp has handled loans to lesser developed countries, thrown money at risky real estate ventures, and funded mergers and acquisitions that soured. A fascinating and sobering tale; recommended for all business collections.
- Richard Drezen, Merrill Lynch Lib., New York City
Copyright 1993 Reed Business Information, Inc.

See all Editorial Reviews

Product Details

• Hardcover: 288 pages
• Publisher: Mcgraw-Hill (March 1993)
• Language: English
• ISBN-10: 0070423407
• ISBN-13: 978-0070423404
• Product Dimensions: 9 x 6.2 x 1.1 inches
• Shipping Weight: 1.2 pounds
• Amazon Best Sellers Rank: #2,500,065 in Books (See Top 100 in Books)

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