Financial and Banking News

INTERNATIONAL BANKING

More US Banks Follow Citicorp Lead on Provisioning despite Brazilian Offer

Citicorp's decision to take heavy provisions on its exposure to less developed countries (MEES, 1 June) has, as expected, created an inexorable bandwagon effect among other US banks. BankAmerica, which spent two weeks fruitlessly arguing that it did not need extra loan loss provisions, finally bit the bullet last week by announcing a $1bn second quarter loss as a...