Word: citigroup
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...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...
...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...
...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...