Word: shearson
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...successful investor with a lucky streak, Loeb moved his company, Carl M. Loeb and Co.--which later became Shearson Lehman Brothers, Inc.--out of Cuba the day before Fidel Castro grabbed power...
Affable and street-wise, Weill, 65, grew up middle class in Brooklyn and started his career on Wall Street in the 1950s as a messenger for Bear Stearns Co. By the early 1960s he had raised $200,000, and 15 acquisitions later he built Shearson Loeb Rhoades into the nation's second largest brokerage. In 1981 American Express bought Shearson, and Weill tagged along, hoping one day to succeed CEO James Robinson. He preceded him instead, leaving in 1985; Robinson was bounced...
...sprang: he merged Commercial Credit with struggling Primerica in 1988, getting the Smith Barney brokerage with it. He bought Travelers insurance in two stages when that company was reeling from bad real estate investments. In 1993 Weill achieved a measure of sweet revenge over his old employer--buying back Shearson, the retail brokerage he had sold to American Express in 1981 at the time he joined that company...
...economies are walking, but they're not running," says J. Paul Horne, an economist for the Smith Barney Shearson investment firm in Paris. Indeed, Britain has been in a recovery for the past 18 months, and its gross domestic product is expected to grow 2.7% this year. The 11 other E.U. economies, however, are only beginning to perk up. After a disastrous 15% plunge last year, European auto sales should increase 3% this year, adding $5 billion to manufacturers' revenues. Most airlines report steady gains in the sensitive indicator of intra-European traffic, up more than 9% this year, though...
...stock and bond issues to merger financing, the pretax profits of U.S. brokers and investment banks zoomed to an unprecedented $8.9 billion last year. "I see no reason why 1994 won't be better than 1993," exults Sanford Weil, chairman of Travelers Cos., which owns Smith Barney Shearson. "We're having a great time...