Word: citigroup
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Dates: during 1990-1999
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Then shake-ups at Citigroup--and a growing belief that the economy had got so strong that the Fed would ease no longer--pushed the banks down for 10 days in a row, taking back as much as a third of their recent gains...
...your favorite CEO really in charge? Sandy Weill has engineered a tenfold stock gain while at the helm of Travelers Group and its predecessor companies since the mid-'80s. But last month Travelers merged with Citicorp to form Citigroup. Weill now serves as co-CEO with John Reed in an unwieldy structure that is slowing the integration of the two companies and frustrating top deputies. Underscoring that point, Weill protege and presumed heir Jamie Dimon was forced to resign last week. The co-CEO thing won't last, and my bet is that Weill will emerge...
...sure enough, one of the selling points of these megadeals is the idea that smart software will reshape the relationship between banks and customers. In a nonstop tango of bits and bills, the computers at the new Citigroup or at BankAmerica will zip through accounts looking for better ways to make money for both you and the bank. And the banks will use that efficiency to lever into the most profitable parts of the financial world: investment banking, stock underwriting and insurance...
Consumers might find this terrifying, but the superbankers love it. Because their gigantic banks are "too large to fail," firms like the new BankAmerica and Citigroup will offer the safest possible havens for investors--safer, perhaps, than even government-printed money. In the end, what the semper financiers are after is not just new customers or new deposits but a kind of business immortality ensured by their gargantuan size and guaranteed by their killer technology. E-cash, wealth accounts and consumer derivatives will have made these firms as essential as cash itself once was. If business immortality can be purchased...
...only five major banks in the country fell on hard times, the economy could be crippled. "This is an enormous public-policy issue that needs to be addressed today," warns William Benedetto of the boutique investment- banking firm Benedetto Gartland & Co. He argues that the Citigroup deal is so big that it's dangerous...