Word: citicorp
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DIED. WALTER WRISTON, 85, financial guru who as chairman of Citicorp from 1967 to '84 redefined the way Americans use banks and set the stage for the company, now named Citigroup, to become the world's largest financial institution; of pancreatic cancer; in New York City. Witty, widely read and dedicated to hiring minorities and women--he was known to sneak women into management posts by using only their initials in correspondence--he expanded bank branches worldwide and offered diversified services like credit-card lending, mortgage banking and real estate development. But his most popular innovation came in 1977 when...
...dates back to Hughes' brush with skin cancer in 1983. He was studying for his M.B.A. at Harvard when a doctor discovered a malignant melanoma on his shoulder. Hughes underwent surgery and has been cancer-free since. He moved on to a high-powered Wall Street career at Citicorp, where he worked on the $105 million leveraged buyout of the Piggly Wiggly supermarket chain and the $200 million acquisition of Prince Sports Group from Unilever. Seven years after his health scare, Hughes got the entrepreneurial itch. He decided to go out on his own--and help people in the process...
JILL PAITCHEL Global Investment Chief When Citicorp and Travelers Group merged in 1998, Paitchel, 45, led the effort to combine the companies' product lines for overseas investors. Last month Paitchel moved to Janus Capital Group, where she is running that firm's international operation, which manages $6 billion in assets in mutual funds and private accounts for folks from Taiwan to Milan. Whereas the domestic market is mature, Janus sees growth potential abroad for investments catering to retail and institutional clients, like Latin American pension funds...
...stakes and Dimon's profile got bigger, those good-natured shouting matches between Weill and Dimon became more ill-tempered. It didn't help matters that Weill's daughter left the company after run-ins with Dimon. By the time of the April 1998 merger between Travelers and Citicorp, Weill had become openly critical of Dimon, who suddenly found himself without a seat on the new board. He left after just seven months, joining Bank One in March 2000. With his hard-nosed approach, Dimon instilled a much needed sense of urgency and accountability as soon as he arrived...
...attorney for U.S. Steel before joining Commercial Credit as general counsel in 1979. Prince met Weill when Weill took over that company in 1986, and the two forged a long run of acquisitions--all negotiated by Prince--from Primerica to Travelers to Shearson to Salomon Brothers to Citicorp. Prince gained the upper hand as Weill's successor last year when Weill asked him to run the firm's investment banking business and get Citi out of Spitzer's cross hairs...