Borrowed Time by James Freeman

Author:James Freeman
Language: eng
Format: epub
Publisher: HarperCollins
Published: 2018-08-06T16:00:00+00:00

This was in many ways a return to the strategies of Frank Vanderlip and Charles Mitchell, and (spoiler alert!) there would be some similarity in the results. Particularly strong markets for growth included Latin America. Although it was not a “paragon of managerial excellence and efficiency,” Wriston’s overseas division was setting the standard for global banks. As always, the potential rewards of banking in developing countries came along with significant risks, for example the possibility of bloody Marxist revolutions and the resulting state-enforced theft. City lost $45 million when Fidel Castro overthrew the Batista government in Cuba and nationalized the bank’s assets.18

Such setbacks didn’t deter Wriston. In 1963, he made it clear that City was playing offense all over the planet:

The plan in the Overseas Division was first to put a Citibank branch in every commercially important country in the world. The second phase was to begin to tap the local deposit market by putting satellite branches or mini-branches in a country. The third phase was to export retail services and know-how from New York.19

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