Walter Wriston
Encyclopedia
Walter Bigelow Wriston was a banker and former chairman and CEO of Citicorp. As chief executive of Citibank / Citicorp (later Citigroup
) from 1967 to 1984, Wriston was widely regarded as the single most influential commercial bank
er of his time. During his tenure as CEO, the bank introduced, among other innovations, automated teller machines, interstate banking, the negotiable certificate of deposit, and "pursued the credit card business in a way that no other bank was doing at the time." With then New York Governor Hugh Carey
and investment banker Felix Rohatyn
, Wriston helped save New York City from bankruptcy in the mid-1970s by setting up the Financial Control Board and the Municipal Assistance Corporation, and persuading the city's union pension funds and banks to buy the latter corporation's bonds.
, Connecticut
to Ruth Bigelow Wriston, a chemistry teacher, and Henry Wriston
, a history professor at Wesleyan University
who was later president of Lawrence College and Brown University
.
Wriston attended grade school and high school in Appleton
, Wisconsin
. Reared as a traditional Methodist, he was not allowed to listen to the radio or go to the movie theater on Sundays. Wriston was an Eagle Scout
and recipient of the Distinguished Eagle Scout Award
.
He attended Wesleyan University
, where he received a Bachelor of Arts
degree in 1941. While there, he was a member of the Eclectic Society
and received the "Parker Prize" (awarded to the Wesleyan sophomore or junior who excels in public speaking). He received a Master's Degree
from Tufts University
's Fletcher School of Law and Diplomacy in 1942.
After graduate school, Wriston became a junior Foreign Service
officer at the State Department
, where he helped negotiate the exchange of Japanese interned
in the United States for Americans held prisoner in Japan. Drafted into the U.S. Army
in 1942, he served in the U.S. Army for four years, being with the Signal Corps on Cebu
in the Philippines
during his service.
In 1942, Walter Wriston married Barbara Brengle, with whom he had one daughter. Two years after her death in 1966, he married lawyer and businesswoman Kathryn Dineen.
Wriston died on January 19, 2005 in Manhattan, New York City
, New York
, at the age of 85. His papers, including the text of hundreds of speeches and articles spanning his lengthy career, are at Tufts University's Archives. Many have been digitized and are available in the Tufts Digital Library.
's Economic Policy Advisory Board, and in June 2004 awarded the Presidential Medal of Freedom
, the nation's highest civil honor, by President George W. Bush
. He was twice offered the job of Secretary of the Treasury but turned down the offers. One report is that Wriston declined the offers because these were not made to him personally by the-then President. Wriston also would have had to take a substantial pay cut had he accepted the government position.
In 1987, the Manhattan Institute
of Policy Research initiated a lecture series in honor of Mr. Wriston, and in 2004 the Idea Channel organized a seven-part series of interviews with him as well.
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
) from 1967 to 1984, Wriston was widely regarded as the single most influential commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
er of his time. During his tenure as CEO, the bank introduced, among other innovations, automated teller machines, interstate banking, the negotiable certificate of deposit, and "pursued the credit card business in a way that no other bank was doing at the time." With then New York Governor Hugh Carey
Hugh Carey
Hugh Leo Carey was an American attorney, the 51st Governor of New York from 1975 to 1982, and a seven-term United States Representative .- Early life :...
and investment banker Felix Rohatyn
Felix Rohatyn
Felix George Rohatyn is an American investment banker known for his role in preventing the bankruptcy of New York City in the 1970s, who also served as United States Ambassador to France. He was a long term advisor to the U.S...
, Wriston helped save New York City from bankruptcy in the mid-1970s by setting up the Financial Control Board and the Municipal Assistance Corporation, and persuading the city's union pension funds and banks to buy the latter corporation's bonds.
Personal life
Wriston was born in MiddletownMiddletown, Connecticut
Middletown is a city located in Middlesex County, Connecticut, along the Connecticut River, in the central part of the state, 16 miles south of Hartford. In 1650, it was incorporated as a town under its original Indian name, Mattabeseck. It received its present name in 1653. In 1784, the central...
, Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
to Ruth Bigelow Wriston, a chemistry teacher, and Henry Wriston
Henry Wriston
Henry Merritt Wriston was a United States' educator, presidential advisor, and served as president at both Brown University and Lawrence University.-Biography:...
, a history professor at Wesleyan University
Wesleyan University
Wesleyan University is a private liberal arts college founded in 1831 and located in Middletown, Connecticut. According to the Carnegie Foundation for the Advancement of Teaching, Wesleyan is the only Baccalaureate College in the nation that emphasizes undergraduate instruction in the arts and...
who was later president of Lawrence College and Brown University
Brown University
Brown University is a private, Ivy League university located in Providence, Rhode Island, United States. Founded in 1764 prior to American independence from the British Empire as the College in the English Colony of Rhode Island and Providence Plantations early in the reign of King George III ,...
.
Wriston attended grade school and high school in Appleton
Appleton, Wisconsin
Appleton is a city in Outagamie, Calumet, and Winnebago Counties in the U.S. state of Wisconsin. It is situated on the Fox River, 30 miles southwest of Green Bay and 100 miles north of Milwaukee. Appleton is the county seat of Outagamie County. The population was 78,086 at the 2010 census...
, Wisconsin
Wisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...
. Reared as a traditional Methodist, he was not allowed to listen to the radio or go to the movie theater on Sundays. Wriston was an Eagle Scout
Eagle Scout (Boy Scouts of America)
Eagle Scout is the highest rank attainable in the Boy Scouting program of the Boy Scouts of America . A Scout who attains this rank is called an Eagle Scout or Eagle. Since its introduction in 1911, the Eagle Scout rank has been earned by more than 2 million young men...
and recipient of the Distinguished Eagle Scout Award
Distinguished Eagle Scout Award
The Distinguished Eagle Scout Award is a distinguished service award of the Boy Scouts of America . It is awarded to an Eagle Scout for distinguished service in his profession and to his community for a period of at least 25 years after attaining the level of Eagle Scout...
.
He attended Wesleyan University
Wesleyan University
Wesleyan University is a private liberal arts college founded in 1831 and located in Middletown, Connecticut. According to the Carnegie Foundation for the Advancement of Teaching, Wesleyan is the only Baccalaureate College in the nation that emphasizes undergraduate instruction in the arts and...
, where he received a Bachelor of Arts
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
degree in 1941. While there, he was a member of the Eclectic Society
Eclectic Society (Fraternity)
The Eclectic Society was originally a college fraternity at Wesleyan University in Middletown, Connecticut, and was one of older fraternal college organizations in the United States...
and received the "Parker Prize" (awarded to the Wesleyan sophomore or junior who excels in public speaking). He received a Master's Degree
Master's degree
A master's is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study or area of professional practice...
from Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
's Fletcher School of Law and Diplomacy in 1942.
After graduate school, Wriston became a junior Foreign Service
United States Foreign Service
The United States Foreign Service is a component of the United States federal government under the aegis of the United States Department of State. It consists of approximately 11,500 professionals carrying out the foreign policy of the United States and aiding U.S...
officer at the State Department
United States Department of State
The United States Department of State , is the United States federal executive department responsible for international relations of the United States, equivalent to the foreign ministries of other countries...
, where he helped negotiate the exchange of Japanese interned
Japanese American internment
Japanese-American internment was the relocation and internment by the United States government in 1942 of approximately 110,000 Japanese Americans and Japanese who lived along the Pacific coast of the United States to camps called "War Relocation Camps," in the wake of Imperial Japan's attack on...
in the United States for Americans held prisoner in Japan. Drafted into the U.S. Army
United States Army
The United States Army is the main branch of the United States Armed Forces responsible for land-based military operations. It is the largest and oldest established branch of the U.S. military, and is one of seven U.S. uniformed services...
in 1942, he served in the U.S. Army for four years, being with the Signal Corps on Cebu
Cebu Island
Cebu is an island of the Philippines. It is the main island of Cebu Province at the center of the Visayan Islands, south of Manila.It lies to the east of Negros Island; to the east is Leyte and to the southeast is Bohol Island. It is flanked on both sides by the Cebu Strait and Tañon Strait...
in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
during his service.
In 1942, Walter Wriston married Barbara Brengle, with whom he had one daughter. Two years after her death in 1966, he married lawyer and businesswoman Kathryn Dineen.
Wriston died on January 19, 2005 in Manhattan, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, at the age of 85. His papers, including the text of hundreds of speeches and articles spanning his lengthy career, are at Tufts University's Archives. Many have been digitized and are available in the Tufts Digital Library.
Politics
From 1982 to 1989, Wriston was chairman of President Ronald ReaganRonald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
's Economic Policy Advisory Board, and in June 2004 awarded the Presidential Medal of Freedom
Presidential Medal of Freedom
The Presidential Medal of Freedom is an award bestowed by the President of the United States and is—along with thecomparable Congressional Gold Medal bestowed by an act of U.S. Congress—the highest civilian award in the United States...
, the nation's highest civil honor, by President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
. He was twice offered the job of Secretary of the Treasury but turned down the offers. One report is that Wriston declined the offers because these were not made to him personally by the-then President. Wriston also would have had to take a substantial pay cut had he accepted the government position.
In 1987, the Manhattan Institute
Manhattan Institute
The Manhattan Institute for Policy Research is a conservative, market-oriented think tank established in New York City in 1978 by Antony Fisher and William J...
of Policy Research initiated a lecture series in honor of Mr. Wriston, and in 2004 the Idea Channel organized a seven-part series of interviews with him as well.
Quotes
- CapitalCapital (economics)In economics, capital, capital goods, or real capital refers to already-produced durable goods used in production of goods or services. The capital goods are not significantly consumed, though they may depreciate in the production process...
goes where it's welcome and stays where it's well treated. (Discovery)--Walter B. Wriston
- Information about money has become almost as important as money itself
- Countries don't go bust
Books
- The Twilight of Sovereignty (1992)
- Risk and Other Four-Letter Words (1986)
- Bits, Bytes and Balance Sheets (2007)