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Banking & Finance

July 25, 1991|From Times Staff and Wire Reports

Citicorp Avoiding Merger, Chairman Says: Citicorp is undaunted by the merger frenzy sweeping the troubled banking industry, says Chairman John Reed, who vows that the nation's biggest bank has no plans to join in any time soon. In an interview with Reuters, Reed said Citicorp's efforts to cut costs and raise capital "will turn out to be far more productive for us than any potential merger and leave us in a stronger position vis-a-vis the merged banks."

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