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BANKING

Is Citi back from the dead?

Citicorp suffered the latest in a series of disasters when president Richard Braddock left in unusual circumstances on the eve of a crucial capitalraising exercise. Its tendency to stumble into trouble has obscured chairman John Reed's success in reviving a bank that teetered on the brink of extinction. But ahead lies the big task of changing Citi's anarchic, competitive culture, with its hunger for revenue rather than profit.

Peter Lee, December 01, 1992

CAPITAL MARKETS

Back to the brink

In July, debt restructuring committee chairman Bill Rhodes described the signing of agreement in principle on a Brazilian Brady plan as the end of the Latin American debt crisis – a month later US bank stocks dipped 1% in a day's trading on fears that the plan would collapse. Brazilian debt prices crashed as the political upheaval in the country deepened. But against the odds, the commercial banks have pushed ahead with the plan.

September 01, 1992

BANKING

Chemical's new formula

The merger between Manufacturers Hanover and Chemical defied conventional wisdom.

Peter Lee, August 01, 1992

BANKING

A way out of the wilderness: the Castro interview

Last month, Fidel Castro, president of Cuba since 1959, gave an exclusive interview to Euromoney editor Garry Evans – his first interview with the western press in years. The old dog is having to learn new tricks. While he makes it clear he is not about to allow democracy or convert Cuba to capitalism, he is gung-ho about encouraging foreign investment. But, with the Cuban economy going into a tailspin, he admits he has little choice.

July 01, 1992

CAPITAL MARKETS

The great trek back to market

Want to invest in repackaged loans for low-cost black housing? Or the City of Johannesburg? South African telecommunications? The lifting of sanctions on South Africa could unleash a pent-up demand for funds totalling $3 billion to $4 billion a year or more.

Garry Evans, August 01, 1991

CAPITAL MARKETS

The most macho game in town

In the first quarter of 1991, as European stock markets roared ahead by an average of 20%, the most profitable – and potentially the riskiest – game for equity brokers was the bought deal. Houses make up to £8 million ($13.5 million) a deal selling large chunks of equity held by one company in another. Some brokers even suggest that a new mechanism for distributing shares has come of age.

Peter Lee, May 01, 1991

BANKING

Illegal arms to Iran: how the banks broke the rules

Later this year 50 people will go on trial in Venice charged with complicity in illegal arms trafficking to Iran. Among the defendants will be leading figures, past and present, from the world of Italian finance as well as senior government officials. Evidence amassed over several years strongly suggests that banks in a number of European countries have been involved.

October 01, 1990

BANKING

Under the gun: how they stopped the great Gulf panic

Gulf bankers have been through a trauma — and there is more pain to come. News of the Iraqi invasion of Kuwait brought instant demand for cash, a rapid fall in local currencies and a haemorrhage of funds from the region. Some institutions will not survive; others must undergo rapid change. And as bankers set about repairing the damage there are warnings of further shocks to come.

September 01, 1990

BANKING

The Weinberg interview

"The grand old man of Wall Street" is a title John Weinberg, chairman of Goldman Sachs, wears uneasily.

Garry Evans, June 01, 1990

CAPITAL MARKETS

Africa awaits a response to reform

Babacar Ndiaye, president of the African Development Bank (AfDB), is only too well aware of the need to present a more positive image of Africa as a continent of business opportunities, given the lively international interest in eastern Europe.

Garry Evans, May 01, 1990

CAPITAL MARKETS

The plot that triggered Tokyo’s plunge

The soaring Tokyo Stock Exchange prevented Japan's Ministry of Finance from realising its ambition to restructure the country's smaller banks and securities houses. So, in concert with the Bank of Japan, it engineered the crash that sent the Nikkei plummeting. To outsiders, Japan's financial regulators appeared to be in open conflict. And the lack of clear guidance caused the jitters that greased the skids under the TSE. Tony Shale reports on the plot that fooled the world.

May 01, 1990

BANKING

What one Soviet banker said to another

Reform of the Soviet financial system is causing tension between the newly-licensed banks and Gosbank, the state monolith-turned-supervisor. It seems that the co-operative banks are leading the drive towards such free market practices as client confidentiality. Ron Cooper reports from Moscow on what officials of one co-op bank and Gosbank say about each other.

January 01, 1990

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