August 1982: Mexico defaults on its loans and Third World debt crisis begins.
1984: Citicorp buys Scrimgeour Kemp Gee, voted top UK house by investment analysts in 1979, and Vickers da Costa for a reputed pounds 140m.
May 1987: Citibank precipitates a worldwide reappraisal of Third World debt by making provisions of 25 per cent or dollars 3bn.
1987: Citicorp injects further dollars 40m into Citicorp Scrimgeour Vickers (CSV).
1988: Mounting losses in London. Pulls out of gilts and confines trading of equities to key stocks in 1989. Closes CSV equity business in January 1990.
January 1991: Moody's, the US credit rating agency, lowers rating on Citicorp senior debt from A-3 to Baa-2.
October 1992: Citicorp can no longer make acquisitions or add to its assets without the regulators' approval.
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