Word: citigroup
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...mark extends far beyond San Francisco, where his dogged determination and unusual focus on "the little people" helped build what was at his death the largest bank in the country, Bank of America, with assets of $5 billion. (It's now No. 2, with assets of $572 billion, behind Citigroup's $751 billion...
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...
...duplicate branches and massive investments in technology. By now, pretty much every big bank that can be bought has been bought. That means no more new issuance of stock and, instead, a consistent plowing back of earnings to investors, mainly through aggressive stock buybacks. In the past few weeks Citigroup and First Union have announced buybacks for $2 billion each. And Chase is buying back even more...
...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...
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...