Word: citigroup
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Dates: during 1990-1999
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...foibles and traits of characters like McColl, I've learned a lot about how fortunes are made. For McColl, a no-nonsense work ethic and drop-dead loyalty to trusted managers have transformed him from small-town banker to first-class sensation. Sandy Weill, co-CEO of Citigroup, earned riches by seizing out-of-favor companies when, he says, they "look like a disaster to someone else but like an opportunity...
TRADE WINDS He rode the tech wave skillfully, but now Fidelity Magellan manager Robert Stansky seems a bit wary. Over the past few months, Stansky has lightened his tech load, from 25% to 20%, replacing Intel and Lucent at the top of his portfolio with Citigroup and Time Warner [parent of TIME's publisher]. He still has Microsoft, MCI WorldCom, AOL and Cisco (along with GE, Home Depot, Wal-Mart and Merck) at the core, a strategy that's working; so far, he's still beating the S&P, with a 12% return this year...
...both Societe Generale and Paribas once their intended merger was announced, further jolting the French markets. If the BNP takeover ever goes through, it will create a bank with nearly $1 trillion in assets--Europe's largest--and give it an edge over the top U.S. bank, Citigroup, which currently has assets of $668.6 billion...
That disincentive, labor leaders charge, and a lower annual cost are fueling the rising popularity of cash-balance plans. Some 20% of FORTUNE 500 companies, including AT&T and Xerox, now offer these plans, which cover close to 10 million workers nationwide. Two weeks ago giant Citigroup disclosed that it too is making the changeover; the week before, CBS made the switch as part of a comprehensive benefits overhaul. Both firms are sweetening the pot with stock options to keep workers focused on performance rather than longevity. IBM is reportedly contemplating a similar change that would save $200 million...
...wrong age at the wrong time. Since there is less time for their newfangled accounts to grow, many employees in their 40s and early 50s could face the prospect of a 30% to 50% reduction in their final benefits. To ease the transition, some companies, including Citigroup, Aetna and Cigna, are protecting long-serving employees by keeping them on the traditional plan, and others are making higher contributions to older workers' accounts. Kodak is allowing all 35,000 covered employees to choose between the two plans...