DEPARTMENT OF THE TREASURY WASHINGTON, B15 Psecreraay November 24, 1997 MEMORANDUM FOR DEPUTY SECRETARY SUMMERS FROM: Timothy F. Geithner KC . Assistant Secretary (Intemational Affis) SUBJECT: WTO Financial Services Negotiations: Industry Consultations Aswe enter the end-geme of WTO Snsncal services negotiations, I believe it would be & good idea for you to touch base with tho CEOs of the major U.S, banking and seourities fines waicch have beea closely following the WTO financial servicos negotiations. T suggest that you comtact, via phone call, the Following firms individually: Baaking Secures Bank of America: David Couto, (415) 622-2258 Golémea Sachs; Jon Corzine, 21298)2-2081 Citibank: Job Reed, 212) $59-2732 Mecill Lynch: David Kemanski;(212) 429-6868 (Chase Manhattan: Walter Shipley, (212) 270-1380 These and other rms participate in the so ealled “Financial Leaders Group” (FLG), composed of key members of U.S, and European industry with a stake in tho WTO talks. ‘The FLG proposed « list of barriers to be adtiressed in the negotiations, and have sent eprésentatives to several of the" ‘Aegotiating sessions in Geneva. 1 have contacted these firms’ representatives at the working level — (@g., Tom Dawson at Merril) to advise them of your pending phone call {Industry's asseesment of the prospects for success in December can be eharacterized 2s cautiously optimistic. “As formal offers from several ofthe target markets have not been submisted, the firms are reluctant to be pinned down on their views. However, [believe that the securities industry is broadly satisfied with the outlines of the deal and would be prepared to support » permanent U.S ‘MEN commitment; the banks are more reticent, In all cases, however, industry recognizes improvements over the prévious WTO round, and no firm advocates 2 repeat of 1995, Our team will be departing for the final Geneva negotiating session after Thanksgiving. intend to join thom -- and Jeff Lang ~ for the conclusion of the talks on Decamber 10-12 © ‘TAB A: Telking Points for Your Phone Call. © TAB B: Chart of U.S. Banks/Securities Firms’ Foreign Presence