Word: citigroup
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...majored in psychology in college, Jamie Dimon has remarkably little patience for having his head shrunk. Ever since Dimon was pushed out of Citigroup in 1998 by CEO Sandy Weill, his mentor and friend, and became CEO of Chicago-based Bank One, Wall Streeters have speculated that he had something to prove. By turning the beleaguered lender into a financial-services powerhouse, the thinking went, Dimon would demonstrate just how essential he had been in helping build Citigroup. Perhaps he would even eventually merge Bank One with Citigroup and succeed Weill in a final act of redemption. But as recently...
...guarantee that the merger will succeed. The vast majority of big-bank combinations have failed to deliver on their promise, largely as a result of a clash of cultures and loss of focus, and the new J.P. Morgan Chase will still lack the global reach and insurance breadth of Citigroup (the former might also want to acquire a retail brokerage). But as much as anything else, investors are banking on Dimon's stubborn pride to make sure this one will be different. Weill and Dimon may have patched things up at a personal level--indeed, Weill...
...decade, Western Europe's share of L'Oreal's overall sales has fallen about 12%, while the share of regions like Asia has risen more than 20%. L'Oreal also has its eye on India and Mexico. "It's a superb sales model," says Andy Smith, an analyst at Citigroup Smith Barney, of L'Oreal. "They've managed to identify all the hot spots of growth in the industry and dominate those areas...
...fined Morgan Stanley €30 million for harm done to LVMH, Bernard Arnault's luxury-goods firm. LVMH argued that Morgan Stanley, which has worked for rival Gucci, issued biased reports against it. (The firm will appeal.) A day later, catering giant Sodexho called in French regulators after a Citigroup Smith Barney report sent its stock reeling. Both LVMH and Sodexho said they were protecting themselves against erroneous information; Morgan Stanley president Stephan Newhouse says the LVMH ruling "opens the floodgates" for firms to bully analysts into making rosy statements. The Paris stock market is trying to salvage its reputation...
Rubin joined Clinton’s Economic Council in 1993 and was sworn in as Secretary of the Treasury in 1995. Now the chairman of Citigroup, he returned to the private sector and serves as a member of the Harvard Board of Overseers...