John S. Reed has been one of the industry's most prominent stars since he became chairman and chief executive at Citicorp. Known as a risk taker and visionary, Mr. Reed is credited with building Citicorp into a global powerhouse. But when the nation's largest bank hit the skids a few years ago amid staggering realty loan losses, out-of-kilter expenses, and problems in its mortgage unit, Mr. Reed fell from grace.

Now Mr. Reed's star is again on the rise. His five-point plan to build capital, slash expenses, and shore up core businesses -unveiled three years ago - is slowly turning the giant banking company around.

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