Citicorp's burden
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.NEW YORK - Despite improving profits, Citicorp will still have to raise another dollars 2bn to dollars 3bn in 1993 in an economy that is likely to remain weak throughout the year, John Reed, the chairman, told an investment seminar yesterday, writes Larry Black.
The bank, America's largest, managed a small profit in its most recent quarter, thanks largely to a windfall in its European currency trading operations. But problems with bad property loans, which forced Citicorp to add dollars 900m ( pounds 572m) to loss-reserves in the most recent quarter alone, will plague the bank through 1993.
It would also have to make several thousand more employees redundant around the world next year, he said. 'Any improvement in 1993 is going to have to come through cost savings.' But the bank is expected to make dollars 800m after-tax next year on the sale of assets.
Some analysts had expected many of the sales to come in the second half of this year, but Mr Reed would not offer an explanation for the apparent delay.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments