Word: mergers
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...Wall Street upstart from Brooklyn 50 years ago. Since then, Citigroup chairman Sandy Weill got rich and famous building an empire that culminated with the Travelers-Citicorp merger in 1998. In the process he walked away once and busted up with friends like Jamie Dimon. Weill, 73, has written The Real Deal, on his dealmaking and how things could have gone smoother. He spoke with TIME's BILL SAPORITO about mending fences, how to keep marriages strong and his focus on philanthropy...
...about the banking and financial world--the No. 1 analyst at Merrill Lynch--and he spent time interviewing everybody whose name is in the book. These were people whom I was mentoring like [Shearson's] Peter Cohen or [Citigroup's] Jamie Dimon; or John Reed, after we did our merger. One of the interesting things in spending two years working on a book is that it is a little cathartic. People whom I had grudges about--I felt that it's enough time and life is too short. Most of these people have been successful in other careers, and that...
...Citicorp and Travelers Group merger worked financially, but there were problems with top management and between you and John Reed. What happened...
...farther north, Italian Prime Minister Romano Prodi had just wrapped up a notably more austere Mediterranean holiday in the Tuscan coastal town of Castiglione della Pescaia. Prodi could bask in several recent Italian successes on his beach break: a key role in the Lebanon cease-fire, and a merger of Sanpaolo IMI and Banca Intesa to give Italy its first major European banking player. But by the second week of September the sunny summer spirit was fading. Telecom's announcement that it was splitting its fixed-line and mobile phone sectors - which could result in the sale of the latter...
...SINCE 1999 HAS DEALMAKING been such a hot trend. Sure, leggings and chunky shoes are In for fall, but the real must-have of the moment is a megadeal. Everywhere you look in the global luxury business, a merger or acquisition is going down. Private-equity players like Apax Partners are snapping up such brands as Tommy Hilfiger; giant manufacturers like Samsonite are investing in small leather-goods businesses such as Lambertson Truex. Department stores like Italy's La Rinascente are swallowing Printemps, its competition in France. And established names like Valentino are diving into such emerging markets as India...