Sandy Weill

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Sanford I. Weill
Weill.jpg
Occupation Former Chief Executive and Chairman
Employer Citigroup
Location Greenwich, Connecticut

Sanford I. Weill, more commonly known as Sandy Weill, is an American banker and financier and a former chief executive officer and chairman of Citigroup Inc. He is best known for the round of M&A activity that resulting in the creation of Citigroup. [1]

Background

Weill began his career as a broker for Bear Stearns in the late 1950s before founding his own brokerage firm, Carter, Berlind, Potoma and Weill in 1960. During the following twenty years, through numerous acquisitions, Weill's firm grew into what would be known as Shearson.

After selling the securities broker to American Express, Weill left the firm in 1985 to head Minneapolis lender and insurer, Commercial Credit. Weill lead Commercial's IPO, and helped the firm acquire Smith Barney, A.L. Williams Insurance and eventually Shearson. This new conglomeration became known as Primerica Corp.[2]

Primerica bought out Travelers Insurance in 1992 and then Salomon Inc. in 1997. In April 1998, it was announced that the resulting firm, Travelers Group, would merge with Citicorp (the parent company of Citibank) to create Citigroup. At the time, Citicorp was the world's largest supplier of credit cards, and Citibank was the second largest bank in the United States.

Philosophical Reversal

After leading the creation of Citigroup, Weill seemed to change his opinion of financial supermarkets during a July 2012 CNBC interview, saying in part, "What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail."[3]

Education

Weill received a B.A. from Cornell University in 1955.

References

  1. Glass-Steagall and Sandy Weill. NYSE Euronext.
  2. Sanford Weill Biography. achievement.org.
  3. Wall Street Legend Sandy Weill: Break Up the Big Banks. CNBC.