Word: mccoll
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Dates: during 1990-1999
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...Hugh McColl, the CEO of Bank of America, once fired an executive because the guy smoked a pipe at work. "I figured anybody who had enough time to mess with pipes had too slow a metabolism for me," he explains. O.K., he's not exactly a softy. But McColl's ability to acquire and absorb one large bank after another can teach us a thing or two about teamwork: "We are people who believe in disagreeing sharply...But when we leave the room...we are in lockstep... Support the team...
...years that I've spent chronicling Wall Street, and the foibles and traits of characters like McColl, I've learned a lot about how fortunes are made. For McColl, a no-nonsense work ethic and drop-dead loyalty to trusted managers have transformed him from small-town banker to first-class sensation. Sandy Weill, co-CEO of Citigroup, earned riches by seizing out-of-favor companies when, he says, they "look like a disaster to someone else but like an opportunity...
Executives like McColl and moguls like Weill operate in rarefied circles. But much of what they practice can apply to everyday investors and business people. In my book, Masters of the Universe: Winning Strategies of America's Greatest Deal Makers (HarperCollins), I've tried to capture key philosophies of 10 Wall Street superstars who have a collective net worth of $12 billion. They must know something, right...
...heart attack in 1994) and Sumner Redstone of Viacom (who is 75) have clashed repeatedly with potential successors, who then left. Both stocks have done well. But shareholders will get singed if these CEOs step aside suddenly. On the other hand, when Bank of America CEO Hugh McColl last month ran off his likely successor and agreed to stay on until 2002, the stock surged...
Such laissez-faire battles delight men like "Missiles" McColl. If cyberspace really is the final frontier of finance, why not let it regulate itself, with a kind of frontier justice meted out by the market? And as these superbanks battle to survive against the Microsofts of the world--a battle in which the outcome is still anything but certain--the Wild West promises to get even wilder...