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...long-time Sandy Weill sidekick, Chuck Prince might have got a chance to run Citigroup in any event. But a progression of Citi scandals that began in the dotcom-bubble years with shady Enron dealings and stock touting for troubled telecoms quickened this lawyer's ascent. Prince, 54, landed the CEO job little more than a year ago. Since then, old improprieties have continued to surface, posing new p.r. nightmares-- including Citi's private-banking operation being banned from Japan just a few months ago for failing to guard against money laundering, among other things. To atone, Prince bowed deeply...
...Dimon to boost their fortunes sooner rather than later. Dimon won't get the top job until J.P. Morgan Chase's current CEO, William Harrison, steps down in 2006--at the very same time that Dimon's old boss Weill will be exiting stage left from his role as Citi chairman, having already given the CEO job to his anointed successor, Charles Prince. But Dimon will not be waiting that long to shake things up in the newly combined entity, which keeps the J.P. Morgan Chase name, and will be the second largest U.S. bank and second largest credit-card...
...eliminated fees for using a live teller rather than an ATM. Wall Street rewarded his turnaround of Bank One with a near 60% jump in its stock price, which hasn't hurt Dimon's bank account either: when he took over, he plunked down nearly $60 million of his Citi-made fortune to buy his new employer's beaten-down shares...
After all, as Dimon himself pointed out last summer, "When I left Citi, some people said, 'You took business too personally.' But I can't separate the personal and business that readily." In other words, despite his repeated denials, Jamie Dimon always has something to prove, if only to himself. --With reporting by Sean Gregory/New York
...least 19 dividend-oriented funds have been launched since last December, enlarging that universe by a third, reports fund tracker Morningstar. On the radar of these funds are companies like Citigroup and Microsoft, which are dramatically raising dividends. Citi boosted its payout 75%; Microsoft paid its first-ever dividend in March and then doubled it on Sept. 12. Eventually, fund investors will want to seize on this trend. The fund industry isn't exactly making things simple. Even some of the new dividend funds invest in REITs. Others trade actively and could saddle you with a tax liability. Some managers...