Walter B. Wriston

Walter B. Wriston was an American banker, management consultant, and author who served as chairman and CEO of Citibank (Now known as Citigroup) from 1967 to 1984. He was a long-time advocate of free-market ideals and was recognized as one of the most influential figures of the re-privatization of the U.S. economy. Wriston is widely credited for revolutionizing the banking industry through his innovative financial strategies and his pioneering use of technology.

Wriston was born in 1919 in Middletown, Connecticut, and attended the Phillips Exeter Academy in New Hampshire before majoring in economics at Williams College. He was an editor of the college newspaper and a member of Phi Beta Kappa. After graduating from Williams in 1941, Wriston served in the Army Air Corps during World War II, reaching the rank of lieutenant.

Wriston began his career at First National City Bank of New York in 1946, starting as a junior loan officer. First National City later changed its name to Citibank and Wriston went on to become its chairman and CEO in 1967. Under his direction, Citibank was the first bank to offer ATM cards and online banking. He also pushed for deregulation of the banking industry, which allowed banks to offer more consumer products and services.

Throughout his career, Wriston was a vocal advocate of free-market ideals, particularly in the area of finance. He saw the proliferation of governmental regulations as a threat to Economic Freedom and argued that while certain regulations may be necessary, they should be kept to a minimum in order to preserve consumer rights and preserve competition within the banking industry.

In addition to his success in banking, Wriston was an accomplished writer. He wrote two books, The Twilight of Sovereignty (1992) and The Crisis in Banking (1990), which provide a comprehensive discussion of the banking industry and its future. In The Twilight of Sovereignty, Wriston argued that rapid technological advances had resulted in the emergence of a “globalized” economy and a diminishing role for the nation-state. He also argued that while some regulations are necessary they should be kept to a minimum.

Wriston’s ideas and theories remain an influential part of the banking industry, and he is widely recognized as a pioneer in the use of technology in banking. His books remain an important source for strategists, economists, and banking professionals. Walter B. Wriston passed away in 2005 at the age of 85.