Citibank unit plans shakeup
Article Abstract:
Citibank Ltd. of Australia, a wholly owned unit of Citicorp. of the US, is planning an organizational restructuring that would involve laying off 60 full-time employees and e shutting down six of its 13 Australian branches. Customers of the shuttered branches will be enjoined to transact business over the telephone, or via the Post Office and automatic teller machines. Tom McKeon, Citibank's Australian corporate officer, reported that the bank is currently negotiating with major retailers for the setting up of a network of Citibank sales outlets, or banking kiosks, throughout the country. McKeon likewise said that Citibank intends to introduce full Internet banking by the end of 1998. The restructuring will also involve the integration of the bank's business units, such as credit card marketing and mortgage services.
Comment:
Is planning an organizational restructuring that would lay off 60 full-time employees & shut down 6 of its 13 branches
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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China utilizes its banks, choosing growth over reform
Article Abstract:
People's Bank of China's reduction of the interest rates on July 1, 1998 has resulted in the decline of deposit rates by 0.49 points and lending rates by 1.12 points. The central bank's reduction indicates that the Chinese government has recognized the need for looser credit as the country's economic growth rate is declining to a level below the government target of 8%. The interest rate reduction will help the country's economy, which is currently experiencing deflation and high real interest rates. The reduction will enable state-owned businesses to reduce their annual debt interest costs by an estimated 40 billion yuan ($4.83 billion).
Comment:
China: People's Bank of China's reduction of interest rates on 07/01/98 results in decline of deposit and lending rates
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Japanese banks are simply being provided with incentives to go on losing money
Article Abstract:
The capital shortage facing the Japanese banking industry is not expected to be cured with the passage of two laws aimed at making public funds available to banks. These new funding policies will only give banks the incentive to continue operations despite expected credit problems and lack of market confidence. The regulations fail to address the root causes of Japan's banking problems, which are inability to produce major capital rates of return, continued government support even for failing institutions and lack of financial data credibility.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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