Word: citicorps
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...stakes involved--$442 million of Harvard's money--may be small compared to the multibillion dollar mergers of telephone giants like WorldCom and MCI or financial behemoths Citicorp and Travelers...
America's banks promise to get a lot bigger. Citicorp and Traveler's, BancOne and First Chicago and Bank America and Nationsbank all announced their engagements over the past two weeks in deals totaling $174 billion--almost equaling the $200 billion in financial services mergers announced worldwide during...
...before we hang all the dealmakers, consider the flip side. Last week financial-services giants Travelers Group and Citicorp agreed to the largest merger in history, a stock swap worth some $76 billion. It's a titanic marriage that will dwarf everything else in banking, brokerages, insurance, ATMs, cold calls, lollipops, hamburgers and chutzpah. It makes the size of the next biggest merger, the pending $42 billion deal between MCI and WorldCom announced last October, look cheesy...
...deal with Citicorp, whose CEO, John S. Reed, will share the CEO title with Weill, puts tremendous pressure on lawmakers to rewrite largely obsolete U.S. banking laws. Weill insists that he isn't trying to force anything. But members of Congress, who only a week earlier had yet again postponed efforts to dismantle officially the Depression-era Glass-Steagall rules governing banks, are reopening the debate...
...Although it presupposes the dismantling of the Depression-era Glass-Steagall Act separating banks and other financial institutions, the merger looks to be a pretty neat fit. "Travelers is the investment and insurance side, Citicorp is still mostly traditional banking," says FORTUNE writer Nelson Schwartz. "There's not a lot of overlap, so there shouldn't be a lot of layoffs." Investors are voting with their wallets: Citicorp's stock price was up 34 points (not a typo) after midday; Travelers jumped 10. Merrill Lynch, Lehman, DLJ? All up, having suddenly become attractive as future acquisitions (or aquisitors...