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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...
Weill's legacy is closely tied to Citi's health, as is his personal fortune of $1 billion in Citi shares. Before joining Citi, Weill lost out in a power struggle at American Express in 1985. He never lost another, leaving a pile of adversaries, and colleagues, in his wake as he rose to the pinnacle of U.S. financial power at Citi. When Weill consolidated power following the 1998 merger of Travelers with Citicorp, previous favorite son Jamie Dimon was written off like a bad loan. So Prince knows he can't afford to stumble--at least not before Weill...
That Prince is a lawyer who has functioned as Weill's Mr. Fix-It says a lot about financial institutions these days. Citi is still stinging from a string of ethical lapses related to its financing of Enron and to the tainted stock research of former telecom analyst Jack Grubman that helped feed the stock-market bubble. There's also plenty of skepticism, even inside the firm, that Prince is anything more than a seat warmer to get through this turbulent period. A quiet man and a consummate insider, Prince also faces a personal challenge: he will have to step...
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...