Word: citigroup
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Dates: during 1990-1999
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...deal would create the world's biggest company, to be called Citigroup, with $700 billion in assets and a market value of nearly $160 billion. It would join under one name some 100 million customers in 100 countries, 162,600 employees and 3,200 offices, and offer every conceivable financial service for individuals and corporations. Under one umbrella you could get money to buy a house or a FORTUNE 500 company, trade stocks, bonds or foreign exchange, insure your life or find export financing. Heck, you could even open a checking account. Says Roy Smith, a professor of finance...
...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's ABN AMRO Hoare Govett, says of Citigroup. As the globe shrinks, Weill pointedly notes, "it's very, very important that some of the big ones...
Already this year, deals worth $236 billion have been announced, putting us on track for a seventh consecutive yearly record. Only a day after the Citigroup blockbuster, two more pairs of financial-services companies agreed to marry. Credit-card and home-equity lender Household International will pay $7.7 billion for Beneficial Corp., which is in the same businesses; and insurer Conseco Inc. agreed to pay $6.4 billion for subprime, mobile-home lender Green Tree Financial. Meanwhile, the stock price soared for just about every mutual-fund company, bank or brokerage considered likely to find a partner...
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...
...Customers of the new company, dubbed Citigroup, will be able to shuffle money instantly between banking, money market, insurance and mutual fund accounts. And even get out a sawbuck for lunch...