THE CITY OF THE SLUMPING SHOULDERS
The nightmare has come true. Regional bankers in the US have long
feared that banks from New York and overseas would come and eat their
lunch. In Chicago, it's happened.
The buildings downtown are symbolic of the change. In the heart of
the Loop, Manufacturers Hanover is building a skyscraper to stamp its
presence on the city. A stone's throw away lies one of the five
dozen branches of Citicorp Savings of Illinois --formerly First Federal,
which Citi purchased in January 1984.
"Ten years ago, when I first came to Chicago,' a New York
emigre said, "I found a very exciting banking picture. I remember
then that an offer of a job from Continental Illinois or First Chicago
was a real plum. They plucked the best and the brightest from one
graduating class after another. Now I look back and wonder what
happened to...
