Word: city
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Dates: during 2000-2009
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...once-dedicated volunteers who found the inner-workings of a women’s shelter, or an English school in Beijing, decidedly less romantic than it’s made out to be in the glossy brochures. And there are once-aspiring bankers now leaving the halls of Citi and Morgan with hunched backs and pasty skin, wondering if summers pissed away making love to Microsoft Excel could remain bearable for the standard two-year tenure. There is uncertainty everywhere, and only a lucky few can really claim to be immune...
...long-time Sandy Weill sidekick, Chuck Prince might have got a chance to run Citigroup in any event. But a progression of Citi scandals that began in the dotcom-bubble years with shady Enron dealings and stock touting for troubled telecoms quickened this lawyer's ascent. Prince, 54, landed the CEO job little more than a year ago. Since then, old improprieties have continued to surface, posing new p.r. nightmares-- including Citi's private-banking operation being banned from Japan just a few months ago for failing to guard against money laundering, among other things. To atone, Prince bowed deeply...
Prince is backing up his commitment by starting new training, communications and performance- review initiatives--and in the case of Japan, by firing some of the top executives that the legendary Weill had put in place before stepping aside as CEO. At stake is Citi's legacy-- not just as a profit machine ($18 billion in net income on revenues of $77 billion in 2003) and shareholder's delight (the stock has risen far faster than the market since 1986), but also as a dominant global bank that trades on its good reputation as much as on its capital...
...Dimon, 48, first engineered a monumental turnaround at Chicago-based Bank One-- pushing out top managers, slashing costs by $1.5 billion and helping to turn a $511 million loss in 2000 into a $3.5 billion annual profit three years later. Then he staged a triumphant return to New York City, when Bank One merged with JPMorgan Chase last year. In 2006 Dimon will become the merged firm's CEO, but he has already begun reshaping the institution in the trademark no-nonsense style he developed while at Citigroup. He has made key personnel changes in the investment-banking and bond...
After all, as Dimon himself pointed out last summer, "When I left Citi, some people said, 'You took business too personally.' But I can't separate the personal and business that readily." In other words, despite his repeated denials, Jamie Dimon always has something to prove, if only to himself. --With reporting by Sean Gregory/New York