Word: cities
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Dates: during 1990-1999
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This deal is really about arming for global warfare in a viciously competitive industry that is filled with giants from Europe to Japan. Citi, for instance, is not ranked among the top 20 banks in the world. And foreign companies, unlike those in the U.S., face relatively few restrictions. In Europe banks and insurance companies have been free to buy each other for a decade. There's even a term for the combination--bancassurance. "It may be a new model for the U.S., but it's not a new model for Europe," Peter Toemin, bank analyst at London...
Weill plans to cross-sell everything from mutual funds and annuities to term life insurance. In fact, he's already doing it within the Travelers family. With Citigroup, he'll have a huge bank, with all its products and locations, to add to the mix. Citi, for instance, has a strong position in Asia. Weill says he'd be disappointed if at Citigroup he and Reed merely doubled earnings in five years, the stated goal...
...Citi Never Counts (Fortune) Citicorp wants a billion customers in the next millennium, but that might be a problem: It can't even say how many customers...
...screens giving the latest news by satellite. At 10:40 p.m. Riyadh time, with trading temporarily suspended at the New York Stock Exchange, he dials Michael Jensen, his starched-collar financial adviser at Citicorp's private banking office in Geneva, who in turn gets on another phone with Citi's brokers in New York City. "At that point," Jensen will later recall, "His Highness said, 'Buy!'" First the prince supplies the names of four finalist companies. Then he supplies the figure: $1.2 billion. Jensen sucks his breath back out of the phone and places the order. "Everybody on Wall Street...
Unlike his prior, mostly passive investments in Citi, Apple Computer and Disneyland Paris, this time Alwaleed is buying with an intent to take a more active hand with management. Murdoch might find that interesting. He also might find himself with a like-minded partner. Alwaleed is a global thinker, and in the media business, nobody is more global than Murdoch. The prince apparently hopes that entrenching himself in high-tech media-related outfits may help make him a king of communications in the Middle East--or, in due course, an emperor like Murdoch. Says Alwaleed: "I want to concentrate...