Word: citicorp
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...Weill lost out in a power struggle at American Express in 1985. He never lost another, leaving a pile of adversaries, and colleagues, in his wake as he rose to the pinnacle of U.S. financial power at Citi. When Weill consolidated power following the 1998 merger of Travelers with Citicorp, previous favorite son Jamie Dimon was written off like a bad loan. So Prince knows he can't afford to stumble--at least not before Weill lets go of the chairman's role in 2 1/2 years...
After the Amex embarrassment, Weill and his band of mercenaries took over Baltimore's Commercial Credit Co. (CCC), a substandard subprime lender, then used CCC to go after bigger and bigger deals until they got to Citicorp. The bottom line wasn't the main thing; it was the only thing. As Langley shows, in Weill's world, anything that didn't produce revenue was gone. No perks were too small to eliminate...
Langley's reporting on the Citicorp-Travelers merger and the titanic cultural battle that ensued between the cerebral John Reed and the gut-driven Weill is spectacular. Can you imagine a $73 billion company with two CEOs and three presidents? Reed's defenestration seemed just a matter of time, to everyone...
...court made it more difficult to block deals. Engine Doubles Germany's BMW and France's Peugeot joined in a ?750 million alliance to develop and build motors for their smaller cars. The venture could turn out 1 million engines annually. Spanking The Banks U.S. Senate investigators testified that Citicorp, the top U.S. bank, and J.P. Morgan Chase helped Enron hide more than $8.5 billion in debt. Canal Plus (Or Minus) In his first move to reduce Vivendi's ?19 billion debt, new CEO Jean-René Fourtou will separate Canal Plus into a new company and sell the rest...
...than they had projected. Scotty Andrews, graduate-placement director at the University of Miami's business school, estimates that less than a fourth of the members of this year's graduating class have jobs. "It seemed like every major company that had traditionally come to recruit canceled--Disney, IBM, Citicorp," he says. Cornell's business school has gone so far as to turn itself into a pseudo-consulting firm, peddling its jobless M.B.A.s as cut-rate temps...