Word: citi
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...this week's migraine could be especially severe for John Reed, Citigroup's co-chairman. He's being hauled before the Senate's Permanent Subcommittee on Investigations to explain the bank's oversight of accounts controlled by a gallery of international reprobates and dictators. All kept tidy sums in Citi vaults; some of it was rightfully theirs...
...Federal Reserve, the main bank regulator, quickly granted Weill and his new partner, co-CEO John Reed from Citi, a grace period to sort things out. Long before they would have to do any actual sorting, though, Congress is now fixing things for good. President Clinton is expected to soon sign a bill repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed...
...would help them run the nation's largest financial conglomerate (1998 assets: $669 billion). Rubin's timing, as usual, is perfect. Just as the former Goldman Sachs investment banker climbs back into the spotlight, Congress is preparing to vote on a historic bill that plays legislative catch-up with Citi's 1998 merger with Travelers, the insurance outfit that also owns Salomon Smith Barney. Rubin never made financial modernization his priority in government; nevertheless he will now help direct an institution sure to be among the bill's principal beneficiaries...
Rubin brings to Citi stature that is bound to attract top clients. Known to occasionally stroll around Treasury in stocking feet, Rubin has a low-key informality that could work wonders in Citi's sharp-elbowed executive suite. In the Clinton Administration, Rubin dominated internal policy debates on matters ranging from estate taxes to relations with China because of his strength as a cautious consensus builder, not in spite...
...Citi, Rubin says he hasn't the slightest intention of taking charge. "I do not want to be and will not be a CEO," he insists. No one will formally report to him. His plan: to spend the next few months wandering around with one of his yellow legal pads in hand asking questions of some of the company's 174,000 employees...