Word: citigroup
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Dates: during 1990-1999
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...Citigroup's specialized private banking division, which has 40,000 clients, each holding more than $3 million in assets, has produced a wealth of headaches in recent years. And this week's migraine could be especially severe for John Reed, Citigroup's co-chairman. He's being hauled before the Senate's Permanent Subcommittee on Investigations to explain the bank's oversight of accounts controlled by a gallery of international reprobates and dictators. All kept tidy sums in Citi vaults; some of it was rightfully theirs...
...Reed did not shake up the private bank, say investigators, until after being warned by a Citigroup board member. Says Reed in a statement prepared to deliver to Senators this week: "Changes did not occur overnight, and in retrospect, one could take issue with whether they happened fast enough...
...fixing things for good. President Clinton is expected to soon sign a bill repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed the regulators: Rubin, who left government this summer, joined Citigroup last week as a co-chairman...
...services up and down the customer ladder is mainly what this bill is about. Yes, you've heard it before, and, yes, it failed miserably in the 1980s. (Remember Sears, which added another dimension--buy stocks where you buy socks?) But with the government's stamp of approval on Citigroup's no-limit money enterprise, that model is sure to get another, more thorough test...
...after nearly four months off for family time and recreation, Rubin has re-emerged for another high-wattage star turn. Smiling alongside Sanford Weill and John Reed, the co-chairmen of Citigroup, the 61-year-old financier confirmed that he would help them run the nation's largest financial conglomerate (1998 assets: $669 billion). Rubin's timing, as usual, is perfect. Just as the former Goldman Sachs investment banker climbs back into the spotlight, Congress is preparing to vote on a historic bill that plays legislative catch-up with Citi's 1998 merger with Travelers, the insurance outfit that also...