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...financial-management title, Microsoft Money and its brilliantly realized investment Website, Microsoft Investor investor.msn.com) the company has more than made its mark in home-financial software. But consumer-side successes are just the tip of the Microsoft iceberg, and industry watchers wonder whether giants like Chase and Citi might yet turn into Titanics...
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...
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...