Word: citicorp
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...that he had a choice. Former Citigroup chief Sandy Weill, who created the financial colossus by merging his Travelers Group with Citicorp in 1998, had traveled to Saudi Arabia to tell Citi's biggest individual shareholder, Prince Alwaleed bin Talal, that the other Prince had to go. Alwaleed reportedly wanted Weill to return to the helm, but there was little appetite for that on Citi's board...
...helping Citi--the company made twice as much money in Latin America as in the U.S. in the past quarter, and did even better in Asia. But while Weill and Prince did make a few big foreign acquisitions, that global footprint is mainly a legacy of the old, patrician Citicorp. What Weill's Travelers added was big-time investment banking, brokerage and storefront consumer finance. And it's from those parts of the business that most of Citi's woes have stemmed...
Then came the merger with Citi. It was tumultuous--a power-sharing agreement between Weill and Citicorp's John Reed soon fell apart--but at first very profitable. Amid the corporate scandals of 2001 and 2002, though, Citi's investment-banking arm landed in more than its share of controversy and legal trouble. One last big suit, filed by Enron Creditors Recovery Corp., goes to trial in April...
...aftermath of the stock market's plunge on Dec. 19 been fully digested-especially now that eight blasts have been thrown into the volatile mix. "The true effects of the crash were minimized by the holidays, which dried up [trading] volume," says Andrew Stotz, head of Thailand research at Citicorp Securities Thailand. "Now the question in January is: Will foreigners double down or reduce? I think they will reduce...
...Citicorp and Travelers Group merger worked financially, but there were problems with top management and between you and John Reed. What happened...