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the market.

In 1970, A. W. Clausen became chief executive officer. Under his leadership, the bank expanded in energy, agricultural and foreign loans, and real estate. Earnings and assets quadrupled during the inflationary 1970s but decreased in the early 1980s as interest rates declined. The bank suffered losses due to the fall and eventual collapse of energy prices, low agricultural commodities prices, and arrearages in foreign loans. At the end of 1980, Citicorp passed BankAmerica as the largest domestic bank. In 1981, Clausen

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