Late, Great Citicorp - Hardcover

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.