Word: city
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Dates: during 2000-2009
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Weill, 70, announced last week that he will step aside as Citi CEO at year's end and that Prince, 53, will succeed him. But Weill won't give up the chairman's title until 2006, and he peppered his public remarks with reminders that he will remain a force at Citi. "My brain won't stop," Weill assured analysts during a conference call. When Prince at one point indicated that he was eager to get back to work the next day, Weill jabbed, "What, not today?" Weill also quipped that the new team--which includes Citi president Robert Willumstad...
Citigroup, which in the late '80s launched a Western Union clone that tanked within two years, is probably the best positioned of the banks that are competing with Western Union. Citi bought Banamex, Mexico's second largest bank, in 2001 and has a strong banking presence in India, where the company is the largest credit-card issuer. "But at this point it's still the elephant and the flea," says David Robertson, publisher of the Nilson Report. By year's end, Western Union will have set up shop in 15,000 India Post offices...
...help fix the reputation of Citigroup's Global Corporate and Investment Bank--formerly Salomon Smith Barney--Lago will oversee the legal-compliance and business practices of the division beginning this month. Citi recently agreed to pay $400 million to settle accusations that Salomon misled investors by touting stocks of its investment-banking clients. Lago, who was once head of international affairs at the Securities and Exchange Commission, knows a thing or two about enforcement...
...writing isn't quite up to her reporting. Beyond Weill, the characters seem flat and their stories just litanies of facts. But the facts speak volumes about one of the greatest businessmen of the past century. Weill doesn't get to go out a hero--at least not yet. Citi has been sullied by evidence that its stock analysts touted shares of suspect firms to win their investment-banking business, and Weill has promised to do "whatever it takes" to get the firm in order. He's nearly 70 but has shown little interest in naming a successor. Retiring...
LOVELACE: Let me give you an example--two banks, Citigroup and Bank of America. They both sell at about 12 times earnings. Bank of America pays out 40% of its income, close to a 4% yield. Citi pays out 20% of its income, about a 2% yield. If the tax law changes, perhaps Citi increases its payout to 40%, equal to Bank of America's. Do you expect Citi's price-earnings multiple to double? No. It will still sell on the basis of earnings. Over time, Citi shareholders will benefit from the extra income, but it is not going...