Word: weill
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...Yeah. But not just for big's sake. Neither is this deal about building another empire or another fortune for its chief architect, Sanford I. Weill, the ever hustling CEO of Travelers. It will, of course, do those things. Since last Monday's announcement, Travelers shares have jumped nearly 10%, giving Weill incremental wealth of $123 million. That gets him to $1 billion--before stock options, where CEOs make the big dough...
...other for a decade. There's even a term for the combination--bancassurance. "It may be a new model for the U.S., but it's not a new model for Europe," Peter Toemin, bank analyst at London's ABN AMRO Hoare Govett, says of Citigroup. As the globe shrinks, Weill pointedly notes, "it's very, very important that some of the big ones...
...deal with Citicorp, whose CEO, John S. Reed, will share the CEO title with Weill, puts tremendous pressure on lawmakers to rewrite largely obsolete U.S. banking laws. Weill insists that he isn't trying to force anything. But members of Congress, who only a week earlier had yet again postponed efforts to dismantle officially the Depression-era Glass-Steagall rules governing banks, are reopening the debate...
...hand with companies' unrelenting focus on keeping costs and prices down. From computers to cars to commissions on stock trades to the rate on your mortgage, the 1990s have been a buyer's market. In no small part that disinflationary environment derives from the robust activity of dealmakers like Weill in mixing and matching to get the most out of every asset...
...Weill plans to cross-sell everything from mutual funds and annuities to term life insurance. In fact, he's already doing it within the Travelers family. With Citigroup, he'll have a huge bank, with all its products and locations, to add to the mix. Citi, for instance, has a strong position in Asia. Weill says he'd be disappointed if at Citigroup he and Reed merely doubled earnings in five years, the stated goal...