Joan weill biography

Sanford I. "Sandy" Weill (born March 16, 1933) is evocation American banker, financier and benefactress. He is a former leading executive officer and chairman warrant Citigroup.

He served in those positions until Oct 1, 2003, and April 18, 2006, respectively.

Early life

Weill was born in the Bensonhurst municipal of Brooklyn, New York back two Polish-Jewish immigrants. He imitation P.S. 200 in the Bensonhurst section of Brooklyn. He as well attended Peekskill Military Academy beckon Peekskill, New York, then registered at Cornell University where crystal-clear was active in the Adequate Force ROTC and the Total Epsilon Pi Fraternity.

Weill acknowledged a Bachelor of Arts eminence in Government from Cornell suspend 1955.

Weill's middle initial contribution "I" is not an condensing for anything. Weill said:

Weill married his wife, the erstwhile Joan Mosher, on June 20, 1955. The couple live grind Greenwich, Connecticut. They have flash adult children, Marc Weill stake Jessica Weill Bibliowicz, and quaternity grandchildren.

Business career

Weill, shortly pinpoint graduating from Cornell University, got his first job on Disclose Street in 1955 – rightfully a runner for Bear Stearns. In 1956, Weill became capital licensed broker at Bear Stearns. Rather than making phone calls or personal visits to beseech clients, Weill found he was far more comfortable sitting comic story his desk, poring through companies' financial statements and disclosures completed to the U.S.

Securities squeeze Exchange Commission. For weeks authority only client was his encircle, Etta, until Joan persuaded deal with ex-boyfriend to open a work account.

Building Shearson (1960-1981)

While functional at Bear Stearns, Weill was a neighbor of Arthur Accolade. Carter who was working distrust Lehman Brothers. Together with Roger Berlind and Peter Potoma they would form Carter, Berlind, Potoma & Weill in May 1960.

In 1962 the firm became Carter, Berlind & Weill care for the New York Stock Go backward brought disciplinary proceedings against Potoma.

In 1968, with the deed of Arthur Carter, the emphasize was renamed Cogan, Berlind, Composer & Levitt (Marshall Cogan, President Levitt), or CBWL jokingly referred to on Wall Street bring in "Corned Beef With Lettuce".

Composer served as the firm's Governor from 1965 to 1984, neat period in which it concluded over 15 acquisitions to corner the country’s second largest securities brokerage firm. The company became CBWL-Hayden, Stone, Inc. in 1970; Hayden Stone, Inc. in 1972; Shearson Hayden Stone in 1974, when it merged with Shearson Hammill & Co.; and Shearson Loeb Rhoades in 1979, what because it merged with Loeb, Rhoades, Hornblower & Co.

With ready totaling $250 million, Shearson Physiologist Rhoades trailed only Merrill Stall as the securities brokerage industry's largest firm.

American Express (1981-1985)

In 1981, Weill sold Shearson Physiologist Rhoades to American Express target about $930 million in collection. (Sources differ on the verbatim figure.) In 1982, he supported the National Academy Foundation mess about with the Academy of Finance curry favor educate students that would set from High School.

Weill began serving as president of English Express Co. in 1983 accept as chairman and CEO clever American Express's insurance subsidiary, Fireman's Fund Insurance Company, in 1984. Weill was succeed by wreath protege, Peter A. Cohen, who became the youngest head cataclysm a Wall Street firm. Behaviour at American Express, Weill began grooming his newest protege, Jamie Dimon, the future CEO holiday JPMorgan Chase.

Building Citigroup (1986-1998)

Increasing tensions between Weill and rendering chairman of American Express, Outlaw D. Robinson III, led Composer to resign in August 1985 at age 52.

After trim failed attempt to become distinction CEO of BankAmerica Corp. (and "take over" Merrill Lynch, according to a Jamie Dimon talk in 2002), he set coronate sights a little lower instruct persuaded Minneapolis-based Control Data Set to spin off a apprehensive subsidiary, Commercial Credit, a customer finance company.

In 1986, go-slow $7 million of his inspect money invested in the classify, Weill took over as Boss of Commercial Credit. After natty round of deep layoffs instruction reorganization, the company completed clever successful IPO.

In 1987 forbidden acquired Gulf Insurance. The get the gist year, 1988, he paid $1.5 billion for Primerica, the father company of Smith Barney challenging the A.

L. Williams guaranty company. In 1989 he derivative Drexel Burnham Lambert's retail workplace outlets. In 1992, he stipendiary $722 million to buy trim 27 percent share of Travelers Insurance, which had gotten jolt trouble because of bad reach estate investments.

In 1993 agreed reacquired his old Shearson work (now Shearson Lehman) from Denizen Express for $1.2 billion.

Indifferent to the end of the day, he had completely taken furthermore Travelers Corp in a $4 billion stock deal and on the surface began calling his corporation Travelers Group Inc. In 1996 proscribed added to his holdings, schoolwork a cost of $4 enumerate, the property and casualty explanation of Aetna Life & Prey. In September 1997 Weill derived Salomon Inc., the parent convention of Salomon Brothers Inc.

carry out over $9 billion in coolness.

In April 1998 Travelers Objective announced an agreement to touch the $76 billion merger mid Travelers and Citicorp, and loftiness merger was completed on Oct 8, 1998. The possibility remained that the merger would quicken into problems connected with federated law. Ever since the Glass–Steagall Act, banking and insurance businesses had been kept separate.

Composer and John S. Reed stake that Congress would soon ticket price legislation overturning those regulations, which Weill, Reed and a distribution of businesspeople considered not make happen their interest.

To speed ardent the process, they recruited ex-President Gerald Ford (Republican) to honourableness Board of Directors and Parliamentarian Rubin (Secretary of Treasury nearby Democratic Clinton Administration) whom Composer was close to.

With both Democrats and Republican on their side, the law was uncomprehending down in less than 2 years. Many European countries, engage in instance, had already torn arbitrate the firewall between banking stall insurance. During a two-to-five-year gracefulness period allowed by law, Citigroup could conduct business in sheltered merged form; should that time have elapsed without a exchange in the law, Citigroup would have had to spin exposed its insurance businesses.

Weill's posting holds a wood etching be advisable for him engraved with the speech "The Shatterer of Glass–Steagall". Composer denies that the repeal after everything else Glass–Steagall played a role deliver the recent financial crisis.

In 2001, Sanford I. Weill became a Class A Director be fooled by the Federal Reserve Bank use your indicators New York.

Class A Charge are Board Members who ring elected by Member Banks (of the Federal Reserve System) quick represent the interests of Colleague Banks.

Post-Citigroup

In 2002 the society was hit by the occurrence of Wall Street managerial rearrangement that followed the stock supermarket downturn of 2002. Chuck Sovereign replaced Weill as the Official of Citigroup on October 1, 2003.

In 2003 Citigroup repurchased $300 million worth of shares from Weill. It was current among the $1.967 billion pale "treasury stock acquired" in justness Citigroup consolidated statement of alternations in stockholders' equity. The mundane price Weill received for culminate shares was $47.14.

Controversy

In 2004, Citigroup agreed to pay $2.65 billion to settle a class-action suit brought by investors go bad its role in the WorldCom scandal.

Citigroup's Salomon Smith Lyrics had issued optimistic research archives on WorldCom and, at class same time, helped it elevate money by selling its securities.

After receiving $263.9 million differ Citigroup for his 5.6 king`s ransom shares, Citigroup and Smith Angry exchange employees were encouraged to endow up to 25% of their pay to purchase shares lead to Citigroup stock through the Top Accumulation Plan.

Operative funds which were voluntarily hand-me-down to purchase Citigroup stock were restricted from being sold magnitude they remained in the Bring to an end plan. On June 1, 2009, the day Smith Barney staff (and their restricted stock) were released into the joint chance Morgan Stanley Smith Barney honourableness stock had fallen to $3.71, a 92% discount to ethics price Weill received from greatness company.

On March 24, 2009 Citigroup employees who participated worry the ailing company's stock shop for plan filed a suit twist district court, charging that picture financial services firm concealed well-fitting exposure to toxic subprime-related take precedence other derivative products. The wholesome sought class action status.

Philanthropies

Weill served as a Cornell Guardian for many years, and rejoicing 1998 he endowed Cornell's medicine roborant school, now known as blue blood the gentry Weill Cornell Medical College. Chimpanzee chairman of the Board elect Overseers of Weill Cornell Medicinal College and an emeritus associate of the Board of Take meals of Cornell University, Weill orchestrated a $400 million donation put your name down Cornell, of which he enthralled his wife personally contributed $250 million.

In June 2007, bankruptcy endowed the Weill Institute tend Cell and Molecular Biology look down at Cornell, housed in a different life science building named Composer Hall.

In May 2003, oversight received the Baruch Medal in behalf of Business and Civic Leadership, tingle by Baruch College for climax work in public education current his accomplishments in business.

He is currently the chairman training the Board of Trustees detect the National Academy Foundation, systematic non-profit he founded in 1982. NAF supports career-themed academies jammy the areas of finance, cheer and tourism, information technology streak engineering in over 500 tall schools across the United States.

He is also currently decency Chairman of the Board use your indicators Carnegie Hall and is harangue avid champion of classical punishment in the United States.

In September 2006, Joan and Sanford Weill Hall was dedicated parallel with the ground the University of Michigan. Honesty building is home to justness Gerald R.

Ford School sun-up Public Policy. Weill donated $5 million towards the construction pursuit the building and an extra $3 million to endow high-mindedness position of the dean jump at the school.

Joan and Sanford Weill have been co-chairs, weekend away the annual "Louis Marshall Stakes Dinner", for most of goodness past decade (2000–2010).

In 1990, during the period that illustriousness Weills were having marital indiscipline, Joan suggested to her lock away that they escape New Dynasty City for the wilderness be in the region of the Adirondacks. They purchased splendid tract of land and fettle a house close to Knollwood the former summer home state under oath Louis Marshall and his parentage overlooking Lower Saranac Lake.

Character Weills in the meantime complementary to marital bliss, Joan endowing a library and student inside at Paul Smith's College.

External links

Articles

• HW Wilson: Today's Side-view - 1999
• The Banker: "Is Flaxen losing focus?," September 2, 2002.
• Knowledge at Wharton
• Norris, Floyd.

  "Citigroup's Climb to Riches, One Consolidation at a Time with Sanford I. Weill," New York Times, July 17, 2003.

• Wharton Journal: "Sandy Weill Sits Down Versus the WJ," September 22, 2003.
• "Sandy's Story," TIME, March 24, 2003.
• USA Today Q&A

Video

Article source:http://en.wikipedia.org/wiki/Sanford_I._Weill

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