April 12, 1991, San Francisco Business Times, Salomon picks Bay Area exec for Japan office. (Bill Thompson new president of Salomon Brothers Asia Ltd.) by Clifford Carlsen,
September 11, 1992, The Business Journal (Serving Greater Tampa Bay) Salomon Inc. (Proxy Report Excerpts) (1992 Financial Briefs of Public Companies in the Tampa Bay Area) (Company Profile)
September 17, 1993, The Business Journal (Serving Greater Tampa Bay) Salomon Inc. (proxy report excerpts) (Company Profile)
Friday, April 21, 1995, San Francisco Business Times, Don't panic: some CEOs are worth a fortune. (executive compensation) by Frank Glassner,
August 1, 2000, Investor's Business Daily, Citigroup Web head Horowitz quits,
November 15, 2000, Reuters / Investor's Business Daily, Business Software: Oracle, Citigroup Give B2B Stocks A Boost,
December 12, 2000, BusinessWorld (Philippines) Oracle, Citigroup in global alliance for e-commerce,
October 2, 2002, The Daily Deal, Citigroup names new COO, by Heidi Moore,
October 16, 2002, Jiji Press, Japan, U.S. Biz Leaders to Discuss Japan's Bad Loans,
March 6, 2003, FT Investor (Stories) UPDATE 1- Citigroup revamps top of banking division,
May 23, 2003, Bank Marketing International, Citi, HSBC go head-to-head,
June 19, 2003, The Asian Banker Journal, Citigroup names head of GCIB in EMEA,
July 17, 2003, The Daily Deal, Citi's Weill hands crown to Prince, by Heidi Moore,
February 23, 2004, Agence France Presse, Citibank acquires SKorea's Koram Bank,
February 23, 2004, Asia Pulse, Citigroup to Buy Out Koram Bank for US$2.73 Bln,
February 29, 2004, The Asian Banker Journal, Korea: Citigroup to acquire KorAm Bank for $2.73 billion,
February 29, 2004, The Asian Banker Journal, Citigroup restructures its corporate and investment banking group,
March 31, 2004, The Asian Banker Journal, Citigroup names chairman and CEO of Latin America and Mexico,
May 26, 2004, FT Investor (Pulses) GSK unveils Sir Christopher Gent as new chairman,
May 31, 2004, The Asian Banker Journal, Jap: Citigroup named chief executive officer,
June 21, 2004, Jiji Press, (Update) Citigroup to Cut Stake in Nikko Cordial to 12 Pct.,
June 22, 2004, Asia Pulse, Japan's Nikko Cordial, Citigroup to Keep Seeking Joint Projects,
October 21, 2004, The Daily Deal, Movers & shakers: Oct. 21, 2004, by Baz Hiralal,
October 21, 2004, Investor's Business Daily, Japan flap pushes out Citi execs,
October 25, 2004, The Daily Deal, Small is beautiful, by Heidi Moore,
October 30, 2004, The Spectator, The Great Presidential Stakes turns into a trillion-dollar handicap,
by Christopher Fildes,
October 31, 2004, The Asian Banker Journal, Financial Institution,
November 13, 2004, Jiji Press, Japan, U.S. Biz Leaders to Discuss Chinese Economy,
November 15, 2004, Jiji Press, Japan, U.S. Biz Leaders Ask for China Transparency Measures,
November 25, 2004, Private Banker International, Citi closing trust bank in continuing Japan wealth implosion,
December 31, 2004, The Asian Banker Journal, Who, What, Where,
September 28, 2005, Finance Week, Reuters appoints Maughan as non-executive director,
October 2, 2006, AFX Europe (Focus) BlackRock, Merrill unit close merger,
October 2, 2006, AFX CNF, GlaxoSmithKline PLC - Director/PDMR Shareholding,
February 12, 2007, AFX CNF, GlaxoSmithKline PLC - Directorate Change,
January 27, 2012, Pharma, GlaxoSmithKline says several board members will not stand for reelection,
January 27, 2012, M2 Equity Bites, GlaxoSmithKline reports board changes,
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April 12, 1991, San Francisco Business Times, Salomon picks Bay Area exec for Japan office. (Bill Thompson new president of Salomon Brothers Asia Ltd.) by Clifford Carlsen,
SAN FRANCISCO -- When Bill Thompson takes over as president of Salomon Brothers Asia Ltd. June 1, he plans to begin testing himself in a new way, perhaps in preparation for bigger and better things down the line with the nation's largest securities firm.
Director of the San Francisco office of Salomon Brothers Inc. since 1982 and head of West Coast corporate finance since 1988, Thompson has risen in the ranks of the firm. But only now will he step up to run a relatively independent operating subsidiary.
With total assets of $5.1 billion and stockholders' equity of $483 million, Salomon Brothers Asia is the most successful American securities firm venture in Japan. As a measure of its success, last year Salomon became the first foreign securities firm to participate in a Japanese government bond syndication.
Recently Salomon, along with Morgan Stanley Group Inc. and Goldman, Sachs & Co. was among the first foreign securities firms to be granted permission to open banks in Japan.
"This is a very exciting challenge for me at this stage in my career and is a significant leap to a different level of dialogue within Salomon Brothers," Thompson said. "I will have the chance to run an entire business for Salomon, which is the culmination of an awful lot of things I have been exposed to."
Heading the largest foreign securities firm in Japan and overseeing offices in all major Asian financial centers, Thompson clearly has won a plum job. His predecessor, Deryck Maughan, is leaving after four and a half years to become a vice chairman of Salomon Brothers in New York and to head its worldwide investment banking business.
Maughan is widely credited for much of Salomon's success in Japan, and Thompson realizes he must shape a new strategy to adapt to current conditions and to consolidate the firm's position.
"The Japanese (stock) market took a 45 percent hit last year, and they are experiencing volatility they have never seen before," Thompson said. "Salomon Brothers has always been very innovative as creative technicians in the business, and we want to continue to develop that."
Thompson will move to Japan with his wife and two of his children, who will attend English-language schools there.
"My wife and I both love California, so the most difficult side of this was the personal issue of relocating to Japan," Thompson said.
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Annual Meeting: May 6, 1992
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October 2, 2002, The Daily Deal, Citigroup names new COO, by Heidi Moore,
Despite numerous troubles surrounding its dealings with telecommunications companies, Citigroup Inc. is still retaining tight ties with the industry: the financial services giant on Oct. 1 named Michael Masin, the president of Verizon Communications Inc., as Citi's new chief operating officer.
Masin takes over the job vacated by Charles Prince, the former general counsel of the group, who was named president of its Salomon Smith Barney unit two weeks ago. That appointment followed the ouster of former president Michael Carpenter.
One financial institutions group banker noted that the hire of Masin only adds more fuel to the fire of speculation about who will succeed Chief Executive Sanford I. Weill, 69. Weill has not indicated when or if he will step down from his throne at Citigroup, but Wall Street is nonetheless quick to guess which of his favorites may be successors.
Masin already is a Citigroup board member and a member of its two-week-old committee on corporate governance standards, which was formed in response to investigations into its research practices by New York State Attorney General Eliot Spitzer and several major regulatory bodies.
Masin also was the chairman of Citigroup's personnel and compensation committee. Masin will resign his Citigroup board seat along with his president and vice chairman positions at Verizon.
At the same time, Weill will depart the boards of both Verizon competitor AT&T Corp. and United Technologies Corp. Weill will leave his post at AT&T after the company completes its AT&T Broadband spin-off later this year.
Weill and Masin are longtime friends, and Masin joined the board of Travelers in 1997, before it became part of Citi.
Both Masin and Weill also sit on the board of legendary performance center Carnegie Hall, a relationship which holds a vaunted place in the Citi mythology. Travelers' $9 billion acquisition of Salomon was born because Deryck Maughan, then the head of Salomon, sat on the Carnegie Hall board with Weill, then the head of Travelers.
C. Michael Armstrong, the chief executive of AT&T and also a longtime friend of Weill, is still a member of Citigroup's board.
Also on Tuesday, AT&T made a set of concurrent announcements about upcoming management changes. AT&T announced that Armstrong would leave the company at the end of the year to become chairman of the merged AT&T Comcast.
Betsy Bernard, head of AT&T's consumer operations, will become the new president of the company, while the current president, David Dorman, will become chairman and chief executive officer.
Once the sale of AT&T Broadband closes, Bernard will become AT&T's president, succeeding AT&T's current president, David Dorman, who will become chairman and chief executive officer.
www.TheDeal.com
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October 16, 2002, Jiji Press, Japan, U.S. Biz Leaders to Discuss Japan's Bad Loans,
Tokyo, Oct. 16 (Jiji Press)--Japanese and U.S. business leaders are expected to discuss the disposal of bad loans by Japanese banks, an issue vital to Japan's structural reform, at a three-day meeting here from Sunday.
The 39th Japan-U.S. Business Council is also likely to raise the issue of corporate governance, following a series of high-profile accounting scandals at U.S. firms.
From Japan, 39 business leaders will attend the meeting. They will include Taizo Nishimuro, chairman of Toshiba Corp. and also cochairman of the Council, Hiroshi Okuda, chairman of the Japan Business Federation, and Nobuo Yamaguchi, chairman of the Japan Chamber of Commerce and Industry.
U.S. representatives, totaling 34, will include AT&T Corp. Chairman Michael Armstrong, cochairman of the council, and Deryck Maughan, chairman of Citigroup International.
On Monday, the participants will split into groups to discuss their respective areas, such as telecommunications, manufacturing and services. The Japanese and U.S. cochairs are set to announce a joint statement on Tuesday.
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March 6, 2003, FT Investor (Stories) UPDATE 1- Citigroup revamps top of banking division,
Citigroup ended the power-sharing arrangement at the top of its investment banking operations, putting Robert Morse in charge of its dealmakers and making Michael Klein head of wholesale banking in Europe, the Middle East and Africa.
As is often the case at Citigroup, the reshuffle accomplishes two objectives simultaneously. Direct oversight in investment banking will be simplified, while geographic supervision in the company will become more complex.
Mr Morse, 47, will become sole head of global investment banking, reporting to Chuck Prince, head of Citigroup's global corporate and investment bank, which includes the corporate banking arm of the old Citicorp and Salomon Smith Barney.
Mr Klein, 39, is the chief executive of the global corporate and investment bank in Europe, the Middle East and Africa - a newly created region in Citigroup's "matrix" structure, which balances geographic and product oversight.
Jean-Paul Votron, 52, will head the region's consumer arm. Mr Votron has been heading corporate and consumer banking in central and eastern Europe, the Middle East, India and Africa.
It had been an open secret that relations between Mr Morse and Mr Klein could have been better - often true of co-heads in banking.
Insiders said the move would be a big test for Mr Klein, who has risen quickly in the bank and is seen as a favourite of Sandy Weill, Citigroup's chairman and chief executive.
"This is a huge challenge for Michael," one senior banker at Schroder Salomon Smith Barney said. "He has responsibility for a huge region which is geo-politically wired at the moment."
Having moved to London less than four years ago, Mr Klein was instrumental in the acquisition of Schroders, the investment bank Citigroup bought in 2000. In August 2002, Mr Klein was appointed chief executive for the investment bank in Europe and took responsibility as chairman of the European operating committee.
The management changes are the latest in a series of shifts meant to strike a better balance between geographical supervision and the management of product lines.
"Since the middle of last year, we have been saying that a big global company like Citigroup can only succeed if the countries and the products work together," said Sir Deryck Maughan, head of international operations. "The great art is to find a balance."
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May 23, 2003, Bank Marketing International, Citi, HSBC go head-to-head,
With their sprawling empires, Citigroup and HSBC are the two unchallenged godzillas of global retail banking. The strength of their brands will be tested in Brazil, where the two have chosen to fight out a consumer finance battle Significantly, the $14 billion acquisition of Household International, the US lender largely targeting the subprime market, quickly seems to be influencing HSBC's global consumer banking strategy.
For the bank is launching its own Household-style retail banking operation in Brazil aimed at low-income customers only weeks after Citigroup announced a similar plan. Its Citifinancial unit will similarly target lower-income segments.
To support its own push, Citigroup will invest more than $10 million in a re-branding campaign in Brazil this year. This will involve remodelling its 60 branches over the next two months. Rebranding "reflects the group's long-term commitment in Brazil, one of its markets with high potential outside the US," Citibank Brazil chairman Gustavo Marin was quoted as saying.
The manoeuvrings of HSBC and Citi are being watched closely by local banks, fearing that the competition will drive down high consumer loan rates in Brazil. Both banks plan to open new outlets this year and introduce new low-end products, aiming to steal business both from local banks as well as beat each other. At HSBC, the aim is to control up to 10 percent of the estimated $4 billion a year market for low- income lending.
The entry of CitiFinancial and HSBC into the low-end lending market is going to make "those that are sleeping more attentive," HSBC in Brazil's consumer finance director Celso Fernandes declared.
HSBC, which entered Brazil in 1997 with the purchase of Banco Bamerindus, is launching its initiative in Sao Paulo - Brazil's wealthiest city. Within five years, it plans to establish 120 outlets for a brand aimed specifically at poorer Brazilians. Typical customers will be those earning around the equivalent of $350 a month. Citi plans a similar initiative, involving 100 branches for local low-earners.
The ultimate prize is to bring financial services to the estimated 40 to 45 percent of Brazil's population of 80 million people who have yet to sign up to a bank account.
If successful, the two foreigners' assault on local banking does not bode well for banks like Banco Bradesco, Banco Itau and Unibanco and the other major foreign banks with local operations - SCH and ABN Amro.
While for now Citi and HSBC will be content to grow organically, ultimately they will have to turn to acquisitions to dominate local lending.
Citigroup meanwhile remains the defining benchmark for any institution with global banking ambitions. The group is stunningly diversified in geographic terms, with international business last year helping to offset a slight decline in North American profitability.
By region, North America contributed a 63 percent of income last year. Asia then contributed the next large proportion, at 10 percent, followed by Japan at 8 percent. Mexico was responsible for a further 9 percent, helped by the acquisition of Banamex in 2001, followed by Western Europe 7 percent and then central and rapidly-grown Citi operations in eastern Europe, at 6 percent, its annual report shows.
Deryck Maughan, Citigroup vice-chairman, has just hinted at future acquisition priorities. The group wants to focus on nine key markets for growth - Hong Kong, Singapore, India, Germany, UK, Poland, Japan, Taiwan and Brazil. He declared, "The more products, the more countries, the more secure we feel."
Copyright: Lafferty Limited. All rights reserved.
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Citigroup (NYSE: C) today announced that it has created a new business region consisting of Europe, the Middle East, and Africa (EMEA), and accordingly has appointed Chief Executive Officers to run its Corporate and Consumer businesses in the region.
Citigroup named Michael Klein Chief Executive Officer of the company's global corporate and investment bank in EMEA, and named Jean-Paul Votron Chief Executive Officer of Citigroup's Consumer Group in EMEA, which consists of some 54 countries, including those in Central and Eastern Europe. In line with Citigroup's international matrix structure, GCIB businesses in EMEA will have dual reporting responsibility to Mr. Klein and the respective global business heads. Consumer businesses in EMEA will have dual reporting responsibility to Mr. Votron and the respective global business heads.
"This new management structure sharpens our focus on our core businesses and reflects our decision last year to run our businesses along global product lines in each of the major geographic regions where we operate," said Sanford I. Weill, Chairman and Chief Executive Officer of Citigroup. "Under this structure, we can better identify our market opportunities and run our businesses more efficiently. Both Jean-Paul and Michael have contributed enormously to Citigroup's achievements in this region, and I am pleased that they will be leading two of our most important businesses in markets that are key to our ability to grow.
"We asked two of our best managers with excellent track records to take on what is one of our most important regions. Michael's success in co-heading the investment bank and heading the GCIB in Western Europe these past several years and Jean-Paul's success running Central and Eastern Europe, the Middle East and Africa have prepared each of them for this next and greater challenge extraordinarily well," Mr. Weill said. "I have no doubt that they will build on their successes as they bring their unparalleled experience and talent to the entire region."
Mr. Klein was formerly CEO of the GCIB in Europe and global co-head of the Investment Bank. He will report jointly to Charles Prince, Chairman and CEO of the GCIB, and Deryck Maughan, Chairman and CEO of Citigroup International. Shirish Apte, CEO of the GCIB in CEEMEA, will report to Mr. Klein. Citigroup's Corporate products in EMEA include corporate and investment banking, capital markets, and transaction services.
Mr. Votron was formerly CEO of Citigroup's businesses in CEEMEA. He will report jointly to Mr. Maughan and Robert Willumstad, President of Citigroup and Chairman and CEO of the company's Global Consumer Group.
Mr. Votron began his career in 1975 at Unilever as a Product Manager. During his time there he held various positions in International Sales, Marketing and General Management. From 1991 to 1997, he worked in various senior consumer positions at Citibank in Europe and in the U.S. He then joined ABN AMRO Bank as Senior Executive Vice President, Director General for International Consumer Banking and e-Commerce. Mr. Votron rejoined Citigroup in January 2001 as CEO of the Consumer Group for CEEMEA.
Under Mr. Votron's leadership, Citigroup's net income for CEEMEA grew nearly 28% from 2001 to 2002, with income from Consumer businesses more than doubling year on year. His appointment will provide for full alignment with Citigroup's global strategy for growing its retail banking, consumer finance and cards businesses.
Mr. Klein joined Salomon Brothers Mergers & Acquisitions group in 1985 and founded the firm's practice advising leveraged buyout and private equity firms in 1988, and will continue to focus on private equity in his new role. He was promoted to Managing Director in 1993 and has served as global co-head of the Investment Bank since 1999. He was a critical contributor to the firm's successful acquisition and integration of Schroders' Merchant Banking business in 2000. In addition to his role as global co-head of the Investment Bank, Mr. Klein became CEO of the GCIB for Western Europe in 2002.
Over the past four years, Citigroup has reached a clear leadership position in investment banking. In 2002, Citigroup's Investment Bank ranked number one in disclosed fees and completed more transactions globally than any other firm. Citigroup also significantly increased its market share, ranking in the top two in most M&A, equity and fixed income categories.
Sandy Weill, one of the more storied figures in finance, announced he will step down as CEO of Citigroup Inc. in January and had three words of advice to his successors: "Don't screw up."
Charles O. Prince, 53, the chairman and CEO of Citigroup Global Markets, will become the next CEO of Citigroup. Robert Willumstad, 57, currently the president of Citigroup, will become chief operating officer. Todd Thomson will remain CFO. Debby Hopkins, former CFO of Lucent Technologies and Boeing Co. and currently Citi's head of strategy and corporate services, will now oversee mergers and acquisitions as well.
Michael Masin, the COO of Citi for the past nine months, will leave his post after the transition and remain a consultant to the company.
Weill, 70, will remain Citi's chairman until 2006.
Gary Parr, deputy chairman of Lazard, former head of financial institutions investment banking at Morgan Stanley and a banker who did his first deal for Sandy Weill in 1983, said Weill would inevitably continue to be a force at Citigroup. "Sandy has had one of the most illustrious careers in financial services, and I don't think it's coming to a close," Parr said. "Instead, the next chapter is going to be written."
Prince, previously chief operating officer of Citi, began his career as a lawyer at U.S. Steel in 1975, then joined Citigroup predecessor Commercial Credit Corp. in 1979. When Weill took over in 1986, Prince joined his team.
Prince was a surprising choice as direct successor to many on Wall Street. "Chuck has served in legal and administrative roles, and was COO. He did not have line responsibility until last summer," said Brock Vandervliet, a financial services analyst for Lehman Brothers Inc. "He was seen as a contender for the role a little sooner than I would have expected. It's relatively fast and a huge move."
"It does show that for Sandy, loyalty is No. 1," said a veteran banker who has worked with both Prince and Weill.
Willumstad will oversee the consumer business, the Smith Barney research business led by Sallie Krawcheck, the investment management business led by Thomas Jones, Citigroup International, led by Sir Deryck Maughan, and Citigroup Global Investments, run by Michael Carpenter.
Willumstad is also a Commercial Credit veteran. He joined the lender in 1987 after two decades at Chemical Bank.
Willumstad has been president of Citi since January 2002, and has overseen the consumer businesses since December 2000.
Prince will continue to run the investment bank, and Willumstad will still oversee the consumer business.
Prince pledged in a conference call that he would hew to the same course Weill has set for Citi.
Prince, little known outside Citi, noted that he would not be a showman like Weill. "I think my outside persona is not as important as how we perform and how the company grows," he said.
"The public face of the company is definitely going to change quite a bit," noted Lehman's Vandervliet. "Sandy was nothing if not perpetually out in front."
Hints of potential succession came when Weill tapped Prince to run the global investment bank last summer. At the time, the unit was defending its links with Enron, WorldCom and research analyst Jack Grubman. Citi's stock was trading at around $35.24, just a few weeks into a rebound from its 52-week low of $24.75 on July 24. Prince was widely viewed as Weill's choice to clean up mounting regulatory and legal concerns.
More recently, with the analyst settlement resolved, a flurry of organizational changes may have foreshadowed Weill's move. The spinoff of Smith Barney as a separate research division, headed by Krawcheck, occurred in November 2002. Citi dropped the Salomon Smith Barney name for its investment bank in April in favor of Citigroup Global Markets. And in May, Citi named new general counsel Michael Helfer from Nationwide Financial Services Inc.
The announcement ends long speculation over a successor for Weill, who created Citi through a series of acquisitions beginning with Commercial Credit Corp., which he took over in 1986.
In a statement issued by Citi, Weill said he started thinking about succession more than three years ago. He added in a conference call that he worked hard to avoid the bitter succession battles often seen on Wall Street.
He said he decided to make the move now because "I think the company has the wind at its back," mentioning Citi's strong earnings announced Monday, a 75% increase in the dividend and Tuesday's announcement that Citi would pay $3 billion to buy the credit card portfolio of Sears.
Analysts were skeptical about whether Weill's personality would allow him to sit back and let the new leaders manage on their own. Weill made light of the expectation, when Prince said that Citi would be different without "having [Weill] here to nag us and push us and demand excellence every morning," to which Weill replied, "Why do you think I won't do that?"
Citi's stock price dropped 2.8% Wednesday to close at $45.52.
COMPANY: Citigroup Inc. (C)
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February 23, 2004, Asia Pulse, Citigroup to Buy Out Koram Bank for US$2.73 Bln,
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Citigroup (NYSE: C) today announced that it has created two new main business groups - the Capital Markets Group and the Banking Group - within its Global Corporate and Investment Banking Group (GCIB), an important organizational step that institutionalizes an ongoing effort to pair with precision the GCIB's broad capabilities with client needs. Capital Markets Tom Maheras will become Head of Capital Markets, which will consist of all of the GCIB's sales and trading and capital markets businesses. He will continue to report to Robert Druskin, President and Chief Executive Officer of the GCIB. Reporting to Mr. Maheras: James Forese, Head of Equities; two newly named Co-Heads of Fixed Income: Geoff Coley and Randy Barker; and Ward Marsh, Head of Municipal Securities. The origination units of Equity Capital Markets and Debt Capital Markets will continue to operate as a joint venture with Banking, outlined below. Banking Michael Klein will become Head of Banking, reporting directly to Mr. Druskin. In this new role, Mr. Klein will oversee all of our client-facing banking groups and coordinate our corporate client coverage across the organization. The Banking Group will consist of Citigroup's Global Relationship Bank, headed by Alan MacDonald; Emerging Markets Corporate Banking, headed by Suneel Bakhshi; and a new Head of the Investment Bank to be named shortly. Each of these business heads will report to Mr. Klein. Frank Bisignano will continue to head Global Transaction Services, reporting to Mr. Druskin, and will coordinate client coverage closely with Banking. Citigroup International Robert Morse, currently Head of the Investment Bank, will return to Asia, the fastest growing region in the world, to become Head of the GCIB in Asia Pacific, succeeding Stephen Long. Mr. Morse will report jointly to Mr. Druskin and Deryck Maughan, Citigroup Vice Chairman and Chief Executive Officer of Citigroup International. Bill Mills has been named Head of GCIB in Europe, Middle East, and Africa, succeeding Mr. Klein. Mr. Mills will report jointly to Mr. Druskin and Mr. Maughan. Mr. Long has been named Chief Operating Officer of Citigroup International, reporting to Mr. Maughan. He will assist in the development of our international business and be responsible for the day-to-day operations of the group.
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March 31, 2004, The Asian Banker Journal, Citigroup names chairman and CEO of Latin America and Mexico,
Citigroup (NYSE: C) today named Manuel Medina- Mora Chairman and Chief Executive Officer of Citigroup Latin America and Mexico. Mr. Medina-Mora, who will report to Sir Deryck Maughan, Chairman and Chief Executive Officer of Citigroup International, also retains the position of Chief Executive Officer of Banamex that he has held since 2001. In making this announcement, Robert B. Willumstad, Chief Operating Officer of Citigroup, said, "Manuel is an exceptional business executive who has guided Grupo Financiero Banamex to become the number one corporate bank, the number one retail bank, the number one credit card issuer, and the number one pension fund manager in Mexico. Manuel's leadership of our Latin America and Mexico operations as part of Citigroup International will enable us to achieve a more comprehensive and better-integrated international strategic approach for Citigroup."
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Pharmaceuticals giant GlaxoSmithKline on Wednesday said former Vodafone chief executive Sir Christopher Gent would be succeeding Sir Christopher Hogg as its chairman from the beginning of next year. Sir Christopher Gent, who presided over Vodafone's record-breaking $218bn hostile bid for German rival Mannesman in 2000, will join the company as deputy director in June ahead of taking up the position of non-executive chairman on January 1. Sir Christopher Hogg will retire from the GlaxoSmithKline board on December 31. Joining the GSK board along with Sir Christopher Gent in June will be Sir Deryck Maughan, the chairman and chief executive of Citigroup International. Commenting on the appointments, Sir Christopher Hogg said: "I am delighted that Chris and Deryck are joining the board. Sir Christopher brings with him many years of experience and a track record of delivering outstanding performance in a highly competitive global industry which will be invaluable to GSK. Sir Deryck brings with him a wealth of international corporate and investment banking experience, which will be of great value to the board." In afternoon trading, shares in GlaxoSmithKline were 0.2 per cent higher at 1159p.
Tokyo, June 21 (Jiji Press)--Japanese securities holding company Nikko Cordial Corp. said Monday its largest shareholder, Citigroup Inc. of the United States, will reduce its equity stake in Nikko Cordial to approximately 12 pct from the current 20.8 pct.
Citigroup International Chairman Deryck Maughan told a press conference that Citigroup no longer needs to hold such a large amount of shares in Nikko Cordial, whose financial strength has improved.
Maughan, however, added that Citigroup will remain Nikko Cordial's top shareholder even after the share sale, and that it will maintain its current business ties with Nikko Cordial.
Citigroup is seen to be planning to invest some 100 billion yen from the sale of Nikko Cordial shares to acquire other firms.
Maughan, however, declined to comment on speculations that Citigroup is considering purchasing the credit card business of consumer finance firm Aplus Co., affiliated with UFJ Bank, using the proceeds from the share sale.
Meanwhile, Nikko Cordial President Junichi Arimura said the company will release the 180 million shares to be sold by Citigroup on the market with the aim of increasing the number of individual shareholders.
Nikko Cordial hopes to increase the ratio of individual shareholders to around 30 pct from the current 16 pct, Arimura said.
But the company is considering buying back up to 90 million of the 180 million shares to prevent deterioration in the supply-demand balance of its shares on the market, he said.
June 22, 2004, Asia Pulse, Japan's Nikko Cordial, Citigroup to Keep Seeking Joint Projects,
TOKYO, June 22 Asia Pulse - Even after Citigroup Inc. reduces its stake in Nikko Cordial Corp. (TSE:8603) to about 12 per cent from roughly 21 per cent, the two groups will see no change in their alliance and keep exploring further collaborative projects, Nikko Cordial President Junichi Arimura and Citigroup International Chairman Deryck Maughan said at a joint news conference Monday.
The reduction will benefit rather than hurt Nikko Cordial by giving it greater control of its management, Arimura said.
At the same time, the U.S. and Japanese groups plan to maintain their business partnership and will continue studying potential joint ventures and other projects, he added.
Citigroup will still retain a stake of around 12 per cent, enabling it to remain a major shareholder in Nikko Cordial at 10 per cent even if the Japanese firm decides to increase its capital through a new share offering later, according to Arimura.
As the top shareholder, Citigroup will continue to have its presence at board of directors meetings at Nikko Cordial, Maughan noted.
Nikko Cordial plans to acquire 90 million of the roughly 180 million shares Citibank is expected to sell, while the rest will be sold mainly to individual investors, Arimura said. The Japanese company wants to see the combined ownership of individual investors increased from the current 16 per cent or so to more than 20 per cent by the end of March 2005 and in excess of 30 per cent in the medium to long term, he added.
(Nikkei)
October 21, 2004, The Daily Deal, Movers & shakers: Oct. 21, 2004, by Baz Hiralal,
Citigroup Inc. said three of its highest-ranking executives, including Citigroup International chairman Sir Deryck Maughan, are leaving the bank. The group also includes Thomas Jones, the CEO of Citigroup Asset Management, and Peter Scaturro, CEO of Citigroup Private Bank.
Citigroup's board made the decision to ask for the trio's resignations at a meeting on Oct. 19, according to a source familiar with the situation. The departures are effective immediately. Several sources indicated that the exits are directly related to Citigroup's closure of its private banking operation in Japan in late September, demanded by the Japanese Financial Services Authority because it found "fundamental problems with Citibank Japan's compliance and governance systems," Citibank said in a press release at the time. The bank is investigating the unit.
Sources said relationships among Maughan, Jones and Scaturro were characterized by squabbles over the right to claim revenue for their specific units. The infighting intensified as bonus season drew near, and Citi's board grew exasperated, a source said.
Citigroup chief operating officer Bob Willumstad will take over Citigroup Asset Management, Citigroup Private Bank and the Travelers Life & Annuity business, the bank said. Todd Thomson, who recently became the chairman of Smith Barney, will take over the Private Bank starting on Nov. 5.
Citigroup has made a number of major changes at the top lately. In October, it named Sallie Krawcheck, the former chief executive of the Smith Barney unit, as Citigroup's chief financial officer. This week, top investment banker Eduardo Mestre resigned from the bank to join mergers boutique Evercore Partners Inc. Mestre's departure was unrelated to those of Maughan, Jones and Scaturro. -- Heidi Moore
October 21, 2004, Investor's Business Daily, Japan flap pushes out Citi execs,
Three top Citigroup execs will exit the No. 1 U.S. bank due to Japan's recent decision to close Citigroup's private banking ops there for various violations. Sir Deryck Maughan, a vice chairman; Thomas Jones, head of the global investment management division; and Peter Scaturro, head of Citi's private bank, will leave. Citi shares fell 0.5% to 43.29.
October 25, 2004, The Daily Deal, Small is beautiful, by Heidi Moore,
For a number of years, it was a pretty safe bet that Eduardo Mestre's banking career would end where it began: at Citigroup Global Markets Inc. After all, Mestre, 55, joined Salomon Brothers in 1977 and rose through its and its successors' ranks for 27 years. But on Oct. 18 Mestre, the consummate big-bank banker, said he would move to Evercore Partners Inc., the advisory boutique run by former deputy treasury secretary Roger Altman.
The announcement wasn't a total surprise. In July, Mestre said he would give up his post as chairman of investment banking in September to take on the amorphous role of advisory director, working with clients "on a selective basis" and looking around Wall Street for his next job. Altman soon came calling. The two men didn't know each other well, but Mestre had often worked on deals opposite Evercore telecom maven Michael Price, including Pacific Telesis Group's merger with SBC Communications Inc.
Evercore had much to recommend it to Mestre, including a string of high-profile assignments this year, such as advising Cingular Wireless LLC in its acquisition of AT&T Wireless Services Inc. and working on the PanAmSat Corp. satellite auction. The firm's small size -- it has only 25 advisory pros -- and advisory-only model was also a draw for Mestre, who at Citi often courted the same clients, most notably WorldCom Inc., as the notoriously conflicted Jack Grubman. As an Evercore vice chairman, Mestre will run the firm's M&A advisory practice, which is currently overseen by Altman. Some say he's also successor material to head or co-head Evercore, which could come in handy if John Kerry wins the election and taps Altman for a treasury post.
The Cuban-born Mestre's first job at Salomon, which he joined after four years as an associate at Cleary, Gottlieb, Steen & Hamilton, was in Latin America, where he drummed up business in Argentina, Brazil, Mexico and Venezuela. In 1981 he moved to New York, and in 1982 he was tapped to work on the breakup of Ma Bell. Two years later, he founded Solly's first telecom banking industry group, and by 1989 he was co-heading M&A. In 1995 he became head of investment banking and six years later the group's chairman. But he never stopped doing deals, and in recent years, helped American Online Inc. merge with Time Warner Inc. and WorldCom with MCI Inc.
Mestre starts at Evercore on Nov. 1. His departure from Citi last week was a bit overshadowed by news that international chairman Sir Deryck Maughan would retire, as would the CEO of Citigroup Private Bank, Peter Scaturro and the CEO of Citigroup Asset Management, Thomas Jones, as they take the fall for Citi having to close its Japanese private bank. That's a lot of goodbyes.
The man who got it right, in his way, was Al Gore. Quoting Al Jolson, he promised the voters: 'You ain't seen nothin' yet.' This was his message four years ago, when I was in New York, leaning over the rails to watch the two runners in the Great Presidential Stakes as they neared the line--then, as now, neck and neck. In those distant days, money was rolling in to the Treasury, and the candidates were competing to spend it.
"This is a business in which size counts." Peter Williams, managing director, Equity Trustees reportedly commenting on the company's plan to merge its trustee operations with ANZ Bank to form Australia's third-largest trustee company.
September 11, 1992, The Business Journal (Serving Greater Tampa Bay) Salomon Inc. (Proxy Report Excerpts) (1992 Financial Briefs of Public Companies in the Tampa Bay Area) (Company Profile)
TRADED NYSE-SB
Seven World Trade Center, New York, N.Y. 10048 (212) 783-7000
Salomon Inc., through its subsidiary Salomon Bros., is one of the world's largest financial services companies. Earlier this year it opened a processing center in Tampa.
Seven World Trade Center, New York, N.Y. 10048 (212) 783-7000
Salomon Inc., through its subsidiary Salomon Bros., is one of the world's largest financial services companies. Earlier this year it opened a processing center in Tampa.
Annual Meeting: May 6, 1992
Auditor: Arthur Andersen & Co. For fiscal 1991, auditors cited trading irregularities reported by Salomon Bros. regarding U.S. Treasury securities in giving a qualified opinion.
Market Statistics
Common shares outstanding 113,000,000
Per-share price $36.13
Market value(*) $4 billion
52-week high $37.75
52-week low $20.75
*Shares outstanding multiplied by current stock price
TABULAR DATA OMITTED
TABULAR DATA OMITTED
Officers, Directors & Shareholders
Officers: Warren E. Buffett, chairman; Deryck Maughan, CEO/Salomon Bros.; Andrew J. Hall, Gedale Horowitz, Donald Howard, James Massey, executive vice presidents
Directors: Dwayne Andreas, Buffett, Hall, Horowitz, Massey, Maughan, William May, Charles Munger, William Turner, Ernst Weil, Lord Young of Graffham, Robert G. Zeller
Significant Shareholders: Berkshire Hathaway, 100%, Series A Preferred; Dart Financial, 6% common
Executive Compensation (cash) Andrew Hall, exec. V.P. $1,575,614 James Massey, exec. V.P. 1,288,000 Ernst Weil, exec. V.P. 1,108,000 John Macfarlane, treasurer 958,000 Deryck Maughan, CEO 1,234,500 All executives (13) $8,420,005
___________________________________________________________________
September 17, 1993, The Business Journal (Serving Greater Tampa Bay) Salomon Inc. (proxy report excerpts) (Company Profile)
Salomon Inc., through its subsidiary Salomon Bros., is one of the world's largest financial services companies. It is a major employer in Tampa, where it operates a processing center.
Salomon Inc., through its subsidiary Salomon Bros., is one of the world's largest financial services companies. It is a major employer in Tampa, where it operates a processing center.
Annual Meeting: Last held Mary 5, 1993.
Auditor: Arthur Andersen. For fiscal 1992, auditors gave an unqualified report.
Officers, Directors & Shareholders
Auditor: Arthur Andersen. For fiscal 1992, auditors gave an unqualified report.
Market Statistics
Common shares outstanding 110,194,747
Per-share price $49.38
Market value(*) $5.4 billion
52-week high $50
52-week low $32.38
(*) Shares outstanding multiplied by current stock price
Officers: Robert Denham, chairman, CEO; Andrew Hall, Gedale Horowitz, Donald Howard, James Massey, executive vice presidents; Deryck Maugham, chairman, Salomon Bros. Directors: Dwayne Andreas, Warren Buffett, Denham, Hall, Horowitz, Massey, Maughan, William May, Charles Munger, William Turner, Ernst Weil, Rt. Hon. Lord Young of Graffham.
Significant Shareholders: Berkshire Hathaway, 100% Preferred Series A; Dart Financial Corp., 7%. common.
Executive Compensation (cash) Robert E. Denham, chairman $999,434 Andrew Hall, executive vice president 1,138,000 John G. MacFarlane, treasurer 1.188,000 James Massey, executive vice president 1,138,000 Deryck Maughan, chairman, Salomon Bros. 1,997,690
[TABULAR DATA OMITTED]
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Friday, April 21, 1995, San Francisco Business Times, Don't panic: some CEOs are worth a fortune. (executive compensation) by Frank Glassner,
Compensation is an emotional issue at any level of corporate hierarchy. But at the top, it can border on hysteria.
Astronomical earnings by top executives evoke a full range of emotions - from hero worship, to disgust and moral outrage - from shareholders, the business community, the media and the general public.
Most of the disgust in the 1995 proxy season has come from shareholders who are justifiably not amused by the performance of executives at companies like W.R. Grace, Boise Cascade or Morrison-Knudsen.
In fact, shareholders, led by institutional investors, have put CEOs on notice that if they do not increase the value of their shares, they'll be punished. Observe the fate of Joseph Antonini, CEO of K-Mart, Who recently lost his chairman's title and then was forced out of the company by activist shareholders.
Retribution also shows up in the paycheck as Salomon Brothers' CEO Deryck Maughan can attest: His salary and bonus pay were slashed 87 percent this year from 1994.
Directors also have felt the sting of shareholder disdain as W.R. Grace discovered when a new slate of directors was proposed by investors following revelations of executives' undisclosed expenditures and perks. And, of course, there have been lawsuits aplenty against directors at numerous companies.
The good new is, the system is changing: It's becoming more rational, investor-driven and most important, it is beginning to really link executive pay to company financial performance.
On a macro level, this emerging rationality is being ushered in more quickly by expanded SEC regulations that require fuller disclosure. The regulations are a fulcrum that directors can use as a basis of action in the interest of the shareholders they represent.
Until this year, the SEC rules - established late in 1993 - have had a less than momentous impact. But after having been in effect for one full business year, the 1995 proxy/annual meeting season should long be remembered as the "year of the compensation committee," as directors respond to the greater accountability imposed on them to fully disclose in proxies total executive compensation and to draw a clearer link between pay and performance.
Now, proxies will include specific factors used in determining the regular and incentive compensation of the CEO and the four other highest-paid corporate officers.
They also must link executive pay to company performance by requiring directors to draw a comparison between the return on the company stock over the past five years to both a broad. market index and an index of peer companies.
So, the system is supplying new checks and balances that previously were missing to keep executive pay marching in lockstep with company performance.
Conversely, a rational system also means that astronomical pay isn't necessarily out of order when results justify it. Take Michael Eisner who earned what has to be the world record of $203 million in 1993.
Yet, under his guidance, Disney's total market value rose to $2.2 billion from $23 million. Thus, a shareholder who paid $100 for Disney stock at the beginning of the Eisner era would now have a stake of $1,460. There was not one peep from investors regarding Eisner's compensation. He earned it.
Or take as another example Al Dunlap, a former protege of corporate raider James Goldsmith, who took the helm at Scott Paper Co. a year ago. He negotiated a contract in which he is paid $1 million a year plus another million-dollar bonus for each 10-point increase in the value of the company's stock.
He also managed to get Scott to pay $3.3 million for his Florida home. Too much money? No. Like Eisner, he earned it. Through massive restructuring and strategic divestitures he boosted Scott's stock price to more than $90 per share from $37.75 a year ago.
Within this emerging environment of rational compensation, directors walk a fine line. It is, after all, their job to attract top talent and they must de it in a way that is efficient, cost-effective and which satisfies the sensibilities and financial requirements of the shareholder.
As directors grapple with the complexities presented by the needs of these various constituencies, they can apply a few very general principles that can help in establishing true pay-for-performance programs. Generally speaking, executive compensation should be:
* Part of the management process.
* Linked to business plans.
* Tied to desired results.
* Designed to change/influence behavior.
In today's environment, an outstanding compensation program must also be flexible and adaptable to change.
Because of the hyperaccelerated pace of change in business and society, a program that is based on permanent, inflexible formulas or which is rigidly egalitarian, or which is never reviewed to ensure relevance, won't work.
A couple of specific techniques that compensation committees apply to maintain flexibility (read: control) include negative discretion in which directors can cut back awards according to preestablished goals. Another option is "bifurcated" plans that include both non-discretionary and discretionary elements.
As the "year of the compensation committee" unfolds, look for directors to seek shareholder approval for redesigned compensation programs that strengthen the link between executive pay and company performance.
This year, more than the past two, marks an end to hysteria in executive compensation. NoW, the rational element will hold sway in the boardroom.
Long live reason.
Glassner is CEO of San Francisco-based Compensation Design Group.
____________________________________________________________________
Compensation is an emotional issue at any level of corporate hierarchy. But at the top, it can border on hysteria.
Astronomical earnings by top executives evoke a full range of emotions - from hero worship, to disgust and moral outrage - from shareholders, the business community, the media and the general public.
Most of the disgust in the 1995 proxy season has come from shareholders who are justifiably not amused by the performance of executives at companies like W.R. Grace, Boise Cascade or Morrison-Knudsen.
In fact, shareholders, led by institutional investors, have put CEOs on notice that if they do not increase the value of their shares, they'll be punished. Observe the fate of Joseph Antonini, CEO of K-Mart, Who recently lost his chairman's title and then was forced out of the company by activist shareholders.
Retribution also shows up in the paycheck as Salomon Brothers' CEO Deryck Maughan can attest: His salary and bonus pay were slashed 87 percent this year from 1994.
Directors also have felt the sting of shareholder disdain as W.R. Grace discovered when a new slate of directors was proposed by investors following revelations of executives' undisclosed expenditures and perks. And, of course, there have been lawsuits aplenty against directors at numerous companies.
The good new is, the system is changing: It's becoming more rational, investor-driven and most important, it is beginning to really link executive pay to company financial performance.
On a macro level, this emerging rationality is being ushered in more quickly by expanded SEC regulations that require fuller disclosure. The regulations are a fulcrum that directors can use as a basis of action in the interest of the shareholders they represent.
Until this year, the SEC rules - established late in 1993 - have had a less than momentous impact. But after having been in effect for one full business year, the 1995 proxy/annual meeting season should long be remembered as the "year of the compensation committee," as directors respond to the greater accountability imposed on them to fully disclose in proxies total executive compensation and to draw a clearer link between pay and performance.
Now, proxies will include specific factors used in determining the regular and incentive compensation of the CEO and the four other highest-paid corporate officers.
They also must link executive pay to company performance by requiring directors to draw a comparison between the return on the company stock over the past five years to both a broad. market index and an index of peer companies.
So, the system is supplying new checks and balances that previously were missing to keep executive pay marching in lockstep with company performance.
Conversely, a rational system also means that astronomical pay isn't necessarily out of order when results justify it. Take Michael Eisner who earned what has to be the world record of $203 million in 1993.
Yet, under his guidance, Disney's total market value rose to $2.2 billion from $23 million. Thus, a shareholder who paid $100 for Disney stock at the beginning of the Eisner era would now have a stake of $1,460. There was not one peep from investors regarding Eisner's compensation. He earned it.
Or take as another example Al Dunlap, a former protege of corporate raider James Goldsmith, who took the helm at Scott Paper Co. a year ago. He negotiated a contract in which he is paid $1 million a year plus another million-dollar bonus for each 10-point increase in the value of the company's stock.
He also managed to get Scott to pay $3.3 million for his Florida home. Too much money? No. Like Eisner, he earned it. Through massive restructuring and strategic divestitures he boosted Scott's stock price to more than $90 per share from $37.75 a year ago.
Within this emerging environment of rational compensation, directors walk a fine line. It is, after all, their job to attract top talent and they must de it in a way that is efficient, cost-effective and which satisfies the sensibilities and financial requirements of the shareholder.
As directors grapple with the complexities presented by the needs of these various constituencies, they can apply a few very general principles that can help in establishing true pay-for-performance programs. Generally speaking, executive compensation should be:
* Part of the management process.
* Linked to business plans.
* Tied to desired results.
* Designed to change/influence behavior.
In today's environment, an outstanding compensation program must also be flexible and adaptable to change.
Because of the hyperaccelerated pace of change in business and society, a program that is based on permanent, inflexible formulas or which is rigidly egalitarian, or which is never reviewed to ensure relevance, won't work.
A couple of specific techniques that compensation committees apply to maintain flexibility (read: control) include negative discretion in which directors can cut back awards according to preestablished goals. Another option is "bifurcated" plans that include both non-discretionary and discretionary elements.
As the "year of the compensation committee" unfolds, look for directors to seek shareholder approval for redesigned compensation programs that strengthen the link between executive pay and company performance.
This year, more than the past two, marks an end to hysteria in executive compensation. NoW, the rational element will hold sway in the boardroom.
Long live reason.
Glassner is CEO of San Francisco-based Compensation Design Group.
____________________________________________________________________
August 1, 2000, Investor's Business Daily, Citigroup Web head Horowitz quits,
Finance
Citigroup Web head Horowitz quits as losses mount at e-Citi think tank.
Ed Horowitz is quitting amid growing criticism of the unit he ran, the e-Citi Internet think tank division. Horowitz, who previously ran Viacom's interactivemedia arm, will be replaced by Citigroup Vice Chairman Deryck Maughan. The appointment of Maughan, who comes from Travelers Group, is one of Citigroup CEO Sandy Weill's lieutenants, underscoring an increasing role Weill is playing at the financial services supermarket.
Finance
Citigroup Web head Horowitz quits as losses mount at e-Citi think tank.
Ed Horowitz is quitting amid growing criticism of the unit he ran, the e-Citi Internet think tank division. Horowitz, who previously ran Viacom's interactivemedia arm, will be replaced by Citigroup Vice Chairman Deryck Maughan. The appointment of Maughan, who comes from Travelers Group, is one of Citigroup CEO Sandy Weill's lieutenants, underscoring an increasing role Weill is playing at the financial services supermarket.
_________________________________________________________________________
November 15, 2000, Reuters / Investor's Business Daily, Business Software: Oracle, Citigroup Give B2B Stocks A Boost,
PALO ALTO, Calif. (Reuters) - Financial services giant Citigroup Inc. on Tuesday unveiled a partnership that integrates the two companies' technologies and services.
Oracle shares shot up 3 5/8, or 15%, to 28 3/8 on Tuesday, after the companies said Citigroup has agreed to use Oracle technology for its internal procurementprocesses.
Citigroup also will market Oracle's exchange services to its global suppliers and corporate customers via a co-branded Web site.
Oracle agreed to integrate Citigroup's payment and settlement systems, the companies said.
Larry Ellison, Oracle's founder and chief executive, called the deal with Citigroup, which has 100 million customers in 100 countries, a giant step for Oracle's business-to-business trading exchange platform.
"The world will end up with a few giant B2B exchanges - this is one of them," Ellison said. "Citigroup and its 100 million customers form the nucleus of a B2B exchange that should become one of the first of these global giants."
Welcomed On Wall Street
Wall Street welcomed the announcement. Besides Oracle's stock, shares of Oracle's rivals in the B2B sector also surged.
"Any evidence of success in procurement, supply chain or B2B markets will be greeted warmly," PMG Capital analyst Jeffrey Van Rhee said, pointing to weak results in those areas for the company's recently reported fiscal first quarter.
Van Rhee noted that Oracle's competitors, such as Siebel Systems Inc., I2 Technologies Inc. and Ariba Inc., had produced better results in those areas than Oracle.
The alliance also helps Oracle match competitors Commerce One Inc. and Ariba, which have struck similar deals with financial services companies.
Shares of Redwood City, Calif.-based Oracle fell more than 25% in the past two weeks amid concerns that its database revenue growth will slow and that it willtake time for large corporations to replace existing business applications software with Oracle's suite of products.
I2, Commerce One Jump
Oracle shares were the most heavily traded on the Nasdaq, with volume over 77 million shares.
Other B2B stocks - including i2, Ariba and Siebel - traded higher on Tuesday after several down days.
I2 shares rose 25 5/8, or 22%, to 143 1/4, recouping much of its losses over the four previous sessions. Ariba shares rose 7 3/8, or 8%, to 98 3/4.
Commerce One saw its shares rise 7 3/8, or 14%, to 59 3/16. And Siebel's sharesjumped 6 3/16, or 7%, to 94 1/8, in what was a generally good day for tech stocks.
Citigroup's stock was up 1/4 to 50 3/4 on the New York Stock Exchange. That's off its 12-month high of 59 1/8.
"Citigroup is moving ahead on its Internet strategy to provide a suite of comprehensive products including payments and financial services to consumers and corporations," Vice Chairman Deryck Maughan said.
"We are also focused on using Web technology to improve our productivity and cut operating costs." he said.
PALO ALTO, Calif. (Reuters) - Financial services giant Citigroup Inc. on Tuesday unveiled a partnership that integrates the two companies' technologies and services.
Oracle shares shot up 3 5/8, or 15%, to 28 3/8 on Tuesday, after the companies said Citigroup has agreed to use Oracle technology for its internal procurementprocesses.
Citigroup also will market Oracle's exchange services to its global suppliers and corporate customers via a co-branded Web site.
Oracle agreed to integrate Citigroup's payment and settlement systems, the companies said.
Larry Ellison, Oracle's founder and chief executive, called the deal with Citigroup, which has 100 million customers in 100 countries, a giant step for Oracle's business-to-business trading exchange platform.
"The world will end up with a few giant B2B exchanges - this is one of them," Ellison said. "Citigroup and its 100 million customers form the nucleus of a B2B exchange that should become one of the first of these global giants."
Welcomed On Wall Street
Wall Street welcomed the announcement. Besides Oracle's stock, shares of Oracle's rivals in the B2B sector also surged.
"Any evidence of success in procurement, supply chain or B2B markets will be greeted warmly," PMG Capital analyst Jeffrey Van Rhee said, pointing to weak results in those areas for the company's recently reported fiscal first quarter.
Van Rhee noted that Oracle's competitors, such as Siebel Systems Inc., I2 Technologies Inc. and Ariba Inc., had produced better results in those areas than Oracle.
The alliance also helps Oracle match competitors Commerce One Inc. and Ariba, which have struck similar deals with financial services companies.
Shares of Redwood City, Calif.-based Oracle fell more than 25% in the past two weeks amid concerns that its database revenue growth will slow and that it willtake time for large corporations to replace existing business applications software with Oracle's suite of products.
I2, Commerce One Jump
Oracle shares were the most heavily traded on the Nasdaq, with volume over 77 million shares.
Other B2B stocks - including i2, Ariba and Siebel - traded higher on Tuesday after several down days.
I2 shares rose 25 5/8, or 22%, to 143 1/4, recouping much of its losses over the four previous sessions. Ariba shares rose 7 3/8, or 8%, to 98 3/4.
Commerce One saw its shares rise 7 3/8, or 14%, to 59 3/16. And Siebel's sharesjumped 6 3/16, or 7%, to 94 1/8, in what was a generally good day for tech stocks.
Citigroup's stock was up 1/4 to 50 3/4 on the New York Stock Exchange. That's off its 12-month high of 59 1/8.
"Citigroup is moving ahead on its Internet strategy to provide a suite of comprehensive products including payments and financial services to consumers and corporations," Vice Chairman Deryck Maughan said.
"We are also focused on using Web technology to improve our productivity and cut operating costs." he said.
_______________________________________________________________________
December 12, 2000, BusinessWorld (Philippines) Oracle, Citigroup in global alliance for e-commerce,
Oracle Corp., one of the the largest providers of software for e-business, signed a strategic alliance agreement with Citigroup, the global financial services company.
Under the terms of the agreement, Citigroup intends to integrate Citibank's payment and settlement capabilities into Oracle's market exchange, transact Citigroup's internal spending through Oracle's open marketplace OracleExchange.com, implement the Oracle@Internet Procurement solution worldwide and market OracleExchange.com services to its corporate client base, a statement said.
The agreement also calls for Citigroup to embed its financial services into Oracle technology, including OracleExchange.com, using Citibank's CitiConnect(sm) integrated financial solution that allows business-to-business (B2B) participants to initiate settlement for goods and services online, at the time of the transaction.
"Citigroup is moving ahead with its Internet strategy to provide a suite of comprehensive products, including payment and financial services to consumers and corporations. We are also focused on using Web technology to improve our productivity and cut operating costs," said Deryck Maughan, vice-chairman of Citigroup and chairman of the Citigroup Internet Operating Group.
"This agreement complements our efforts to be the financial services engine on B2B marketplaces. Our customers will benefit from having access to Oracle's one-stop e-marketplace that automates the entire purchasing lifecycle, from obtaining product information through to settlement and payment," said Jorge Bermudez, executive vice-president, Citibank e-Business.
Oracle Corp., one of the the largest providers of software for e-business, signed a strategic alliance agreement with Citigroup, the global financial services company.
Under the terms of the agreement, Citigroup intends to integrate Citibank's payment and settlement capabilities into Oracle's market exchange, transact Citigroup's internal spending through Oracle's open marketplace OracleExchange.com, implement the Oracle@Internet Procurement solution worldwide and market OracleExchange.com services to its corporate client base, a statement said.
The agreement also calls for Citigroup to embed its financial services into Oracle technology, including OracleExchange.com, using Citibank's CitiConnect(sm) integrated financial solution that allows business-to-business (B2B) participants to initiate settlement for goods and services online, at the time of the transaction.
"Citigroup is moving ahead with its Internet strategy to provide a suite of comprehensive products, including payment and financial services to consumers and corporations. We are also focused on using Web technology to improve our productivity and cut operating costs," said Deryck Maughan, vice-chairman of Citigroup and chairman of the Citigroup Internet Operating Group.
"This agreement complements our efforts to be the financial services engine on B2B marketplaces. Our customers will benefit from having access to Oracle's one-stop e-marketplace that automates the entire purchasing lifecycle, from obtaining product information through to settlement and payment," said Jorge Bermudez, executive vice-president, Citibank e-Business.
October 2, 2002, The Daily Deal, Citigroup names new COO, by Heidi Moore,
Despite numerous troubles surrounding its dealings with telecommunications companies, Citigroup Inc. is still retaining tight ties with the industry: the financial services giant on Oct. 1 named Michael Masin, the president of Verizon Communications Inc., as Citi's new chief operating officer.
Masin takes over the job vacated by Charles Prince, the former general counsel of the group, who was named president of its Salomon Smith Barney unit two weeks ago. That appointment followed the ouster of former president Michael Carpenter.
One financial institutions group banker noted that the hire of Masin only adds more fuel to the fire of speculation about who will succeed Chief Executive Sanford I. Weill, 69. Weill has not indicated when or if he will step down from his throne at Citigroup, but Wall Street is nonetheless quick to guess which of his favorites may be successors.
Masin already is a Citigroup board member and a member of its two-week-old committee on corporate governance standards, which was formed in response to investigations into its research practices by New York State Attorney General Eliot Spitzer and several major regulatory bodies.
Masin also was the chairman of Citigroup's personnel and compensation committee. Masin will resign his Citigroup board seat along with his president and vice chairman positions at Verizon.
At the same time, Weill will depart the boards of both Verizon competitor AT&T Corp. and United Technologies Corp. Weill will leave his post at AT&T after the company completes its AT&T Broadband spin-off later this year.
Weill and Masin are longtime friends, and Masin joined the board of Travelers in 1997, before it became part of Citi.
Both Masin and Weill also sit on the board of legendary performance center Carnegie Hall, a relationship which holds a vaunted place in the Citi mythology. Travelers' $9 billion acquisition of Salomon was born because Deryck Maughan, then the head of Salomon, sat on the Carnegie Hall board with Weill, then the head of Travelers.
C. Michael Armstrong, the chief executive of AT&T and also a longtime friend of Weill, is still a member of Citigroup's board.
Also on Tuesday, AT&T made a set of concurrent announcements about upcoming management changes. AT&T announced that Armstrong would leave the company at the end of the year to become chairman of the merged AT&T Comcast.
Betsy Bernard, head of AT&T's consumer operations, will become the new president of the company, while the current president, David Dorman, will become chairman and chief executive officer.
Once the sale of AT&T Broadband closes, Bernard will become AT&T's president, succeeding AT&T's current president, David Dorman, who will become chairman and chief executive officer.
www.TheDeal.com
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October 16, 2002, Jiji Press, Japan, U.S. Biz Leaders to Discuss Japan's Bad Loans,
Tokyo, Oct. 16 (Jiji Press)--Japanese and U.S. business leaders are expected to discuss the disposal of bad loans by Japanese banks, an issue vital to Japan's structural reform, at a three-day meeting here from Sunday.
The 39th Japan-U.S. Business Council is also likely to raise the issue of corporate governance, following a series of high-profile accounting scandals at U.S. firms.
From Japan, 39 business leaders will attend the meeting. They will include Taizo Nishimuro, chairman of Toshiba Corp. and also cochairman of the Council, Hiroshi Okuda, chairman of the Japan Business Federation, and Nobuo Yamaguchi, chairman of the Japan Chamber of Commerce and Industry.
U.S. representatives, totaling 34, will include AT&T Corp. Chairman Michael Armstrong, cochairman of the council, and Deryck Maughan, chairman of Citigroup International.
On Monday, the participants will split into groups to discuss their respective areas, such as telecommunications, manufacturing and services. The Japanese and U.S. cochairs are set to announce a joint statement on Tuesday.
March 6, 2003, FT Investor (Stories) UPDATE 1- Citigroup revamps top of banking division,
Citigroup ended the power-sharing arrangement at the top of its investment banking operations, putting Robert Morse in charge of its dealmakers and making Michael Klein head of wholesale banking in Europe, the Middle East and Africa.
As is often the case at Citigroup, the reshuffle accomplishes two objectives simultaneously. Direct oversight in investment banking will be simplified, while geographic supervision in the company will become more complex.
Mr Morse, 47, will become sole head of global investment banking, reporting to Chuck Prince, head of Citigroup's global corporate and investment bank, which includes the corporate banking arm of the old Citicorp and Salomon Smith Barney.
Mr Klein, 39, is the chief executive of the global corporate and investment bank in Europe, the Middle East and Africa - a newly created region in Citigroup's "matrix" structure, which balances geographic and product oversight.
Jean-Paul Votron, 52, will head the region's consumer arm. Mr Votron has been heading corporate and consumer banking in central and eastern Europe, the Middle East, India and Africa.
It had been an open secret that relations between Mr Morse and Mr Klein could have been better - often true of co-heads in banking.
Insiders said the move would be a big test for Mr Klein, who has risen quickly in the bank and is seen as a favourite of Sandy Weill, Citigroup's chairman and chief executive.
"This is a huge challenge for Michael," one senior banker at Schroder Salomon Smith Barney said. "He has responsibility for a huge region which is geo-politically wired at the moment."
Having moved to London less than four years ago, Mr Klein was instrumental in the acquisition of Schroders, the investment bank Citigroup bought in 2000. In August 2002, Mr Klein was appointed chief executive for the investment bank in Europe and took responsibility as chairman of the European operating committee.
The management changes are the latest in a series of shifts meant to strike a better balance between geographical supervision and the management of product lines.
"Since the middle of last year, we have been saying that a big global company like Citigroup can only succeed if the countries and the products work together," said Sir Deryck Maughan, head of international operations. "The great art is to find a balance."
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May 23, 2003, Bank Marketing International, Citi, HSBC go head-to-head,
With their sprawling empires, Citigroup and HSBC are the two unchallenged godzillas of global retail banking. The strength of their brands will be tested in Brazil, where the two have chosen to fight out a consumer finance battle Significantly, the $14 billion acquisition of Household International, the US lender largely targeting the subprime market, quickly seems to be influencing HSBC's global consumer banking strategy.
For the bank is launching its own Household-style retail banking operation in Brazil aimed at low-income customers only weeks after Citigroup announced a similar plan. Its Citifinancial unit will similarly target lower-income segments.
To support its own push, Citigroup will invest more than $10 million in a re-branding campaign in Brazil this year. This will involve remodelling its 60 branches over the next two months. Rebranding "reflects the group's long-term commitment in Brazil, one of its markets with high potential outside the US," Citibank Brazil chairman Gustavo Marin was quoted as saying.
The manoeuvrings of HSBC and Citi are being watched closely by local banks, fearing that the competition will drive down high consumer loan rates in Brazil. Both banks plan to open new outlets this year and introduce new low-end products, aiming to steal business both from local banks as well as beat each other. At HSBC, the aim is to control up to 10 percent of the estimated $4 billion a year market for low- income lending.
The entry of CitiFinancial and HSBC into the low-end lending market is going to make "those that are sleeping more attentive," HSBC in Brazil's consumer finance director Celso Fernandes declared.
HSBC, which entered Brazil in 1997 with the purchase of Banco Bamerindus, is launching its initiative in Sao Paulo - Brazil's wealthiest city. Within five years, it plans to establish 120 outlets for a brand aimed specifically at poorer Brazilians. Typical customers will be those earning around the equivalent of $350 a month. Citi plans a similar initiative, involving 100 branches for local low-earners.
The ultimate prize is to bring financial services to the estimated 40 to 45 percent of Brazil's population of 80 million people who have yet to sign up to a bank account.
If successful, the two foreigners' assault on local banking does not bode well for banks like Banco Bradesco, Banco Itau and Unibanco and the other major foreign banks with local operations - SCH and ABN Amro.
While for now Citi and HSBC will be content to grow organically, ultimately they will have to turn to acquisitions to dominate local lending.
Citigroup meanwhile remains the defining benchmark for any institution with global banking ambitions. The group is stunningly diversified in geographic terms, with international business last year helping to offset a slight decline in North American profitability.
CITIGROUP 2002 NET INCOME - BY REGION ($ MN)
2002 2001
North America 8,502 8,625
Mexico 1,205 293
Latin America (47) 665
Western Europe 992 959
Asia 1,421 1,301
Japan 1,313 1,087
E Europe, Mideast 785 615
In 2002, 60 percent of its income came from global consumer banking, covering operations like cards and consumer finance - relegating global investment banking to 22 percent of the total.By region, North America contributed a 63 percent of income last year. Asia then contributed the next large proportion, at 10 percent, followed by Japan at 8 percent. Mexico was responsible for a further 9 percent, helped by the acquisition of Banamex in 2001, followed by Western Europe 7 percent and then central and rapidly-grown Citi operations in eastern Europe, at 6 percent, its annual report shows.
Deryck Maughan, Citigroup vice-chairman, has just hinted at future acquisition priorities. The group wants to focus on nine key markets for growth - Hong Kong, Singapore, India, Germany, UK, Poland, Japan, Taiwan and Brazil. He declared, "The more products, the more countries, the more secure we feel."
Copyright: Lafferty Limited. All rights reserved.
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June 19, 2003, The Asian Banker Journal, Citigroup names head of GCIB in EMEA,
Citigroup (NYSE: C) today announced that it has created a new business region consisting of Europe, the Middle East, and Africa (EMEA), and accordingly has appointed Chief Executive Officers to run its Corporate and Consumer businesses in the region.
Citigroup named Michael Klein Chief Executive Officer of the company's global corporate and investment bank in EMEA, and named Jean-Paul Votron Chief Executive Officer of Citigroup's Consumer Group in EMEA, which consists of some 54 countries, including those in Central and Eastern Europe. In line with Citigroup's international matrix structure, GCIB businesses in EMEA will have dual reporting responsibility to Mr. Klein and the respective global business heads. Consumer businesses in EMEA will have dual reporting responsibility to Mr. Votron and the respective global business heads.
"This new management structure sharpens our focus on our core businesses and reflects our decision last year to run our businesses along global product lines in each of the major geographic regions where we operate," said Sanford I. Weill, Chairman and Chief Executive Officer of Citigroup. "Under this structure, we can better identify our market opportunities and run our businesses more efficiently. Both Jean-Paul and Michael have contributed enormously to Citigroup's achievements in this region, and I am pleased that they will be leading two of our most important businesses in markets that are key to our ability to grow.
"We asked two of our best managers with excellent track records to take on what is one of our most important regions. Michael's success in co-heading the investment bank and heading the GCIB in Western Europe these past several years and Jean-Paul's success running Central and Eastern Europe, the Middle East and Africa have prepared each of them for this next and greater challenge extraordinarily well," Mr. Weill said. "I have no doubt that they will build on their successes as they bring their unparalleled experience and talent to the entire region."
Mr. Klein was formerly CEO of the GCIB in Europe and global co-head of the Investment Bank. He will report jointly to Charles Prince, Chairman and CEO of the GCIB, and Deryck Maughan, Chairman and CEO of Citigroup International. Shirish Apte, CEO of the GCIB in CEEMEA, will report to Mr. Klein. Citigroup's Corporate products in EMEA include corporate and investment banking, capital markets, and transaction services.
Mr. Votron was formerly CEO of Citigroup's businesses in CEEMEA. He will report jointly to Mr. Maughan and Robert Willumstad, President of Citigroup and Chairman and CEO of the company's Global Consumer Group.
Mr. Votron began his career in 1975 at Unilever as a Product Manager. During his time there he held various positions in International Sales, Marketing and General Management. From 1991 to 1997, he worked in various senior consumer positions at Citibank in Europe and in the U.S. He then joined ABN AMRO Bank as Senior Executive Vice President, Director General for International Consumer Banking and e-Commerce. Mr. Votron rejoined Citigroup in January 2001 as CEO of the Consumer Group for CEEMEA.
Under Mr. Votron's leadership, Citigroup's net income for CEEMEA grew nearly 28% from 2001 to 2002, with income from Consumer businesses more than doubling year on year. His appointment will provide for full alignment with Citigroup's global strategy for growing its retail banking, consumer finance and cards businesses.
Mr. Klein joined Salomon Brothers Mergers & Acquisitions group in 1985 and founded the firm's practice advising leveraged buyout and private equity firms in 1988, and will continue to focus on private equity in his new role. He was promoted to Managing Director in 1993 and has served as global co-head of the Investment Bank since 1999. He was a critical contributor to the firm's successful acquisition and integration of Schroders' Merchant Banking business in 2000. In addition to his role as global co-head of the Investment Bank, Mr. Klein became CEO of the GCIB for Western Europe in 2002.
Over the past four years, Citigroup has reached a clear leadership position in investment banking. In 2002, Citigroup's Investment Bank ranked number one in disclosed fees and completed more transactions globally than any other firm. Citigroup also significantly increased its market share, ranking in the top two in most M&A, equity and fixed income categories.
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July 17, 2003, The Daily Deal, Citi's Weill hands crown to Prince, by Heidi Moore,
Sandy Weill, one of the more storied figures in finance, announced he will step down as CEO of Citigroup Inc. in January and had three words of advice to his successors: "Don't screw up."
Charles O. Prince, 53, the chairman and CEO of Citigroup Global Markets, will become the next CEO of Citigroup. Robert Willumstad, 57, currently the president of Citigroup, will become chief operating officer. Todd Thomson will remain CFO. Debby Hopkins, former CFO of Lucent Technologies and Boeing Co. and currently Citi's head of strategy and corporate services, will now oversee mergers and acquisitions as well.
Michael Masin, the COO of Citi for the past nine months, will leave his post after the transition and remain a consultant to the company.
Weill, 70, will remain Citi's chairman until 2006.
Gary Parr, deputy chairman of Lazard, former head of financial institutions investment banking at Morgan Stanley and a banker who did his first deal for Sandy Weill in 1983, said Weill would inevitably continue to be a force at Citigroup. "Sandy has had one of the most illustrious careers in financial services, and I don't think it's coming to a close," Parr said. "Instead, the next chapter is going to be written."
Prince, previously chief operating officer of Citi, began his career as a lawyer at U.S. Steel in 1975, then joined Citigroup predecessor Commercial Credit Corp. in 1979. When Weill took over in 1986, Prince joined his team.
Prince was a surprising choice as direct successor to many on Wall Street. "Chuck has served in legal and administrative roles, and was COO. He did not have line responsibility until last summer," said Brock Vandervliet, a financial services analyst for Lehman Brothers Inc. "He was seen as a contender for the role a little sooner than I would have expected. It's relatively fast and a huge move."
"It does show that for Sandy, loyalty is No. 1," said a veteran banker who has worked with both Prince and Weill.
Willumstad will oversee the consumer business, the Smith Barney research business led by Sallie Krawcheck, the investment management business led by Thomas Jones, Citigroup International, led by Sir Deryck Maughan, and Citigroup Global Investments, run by Michael Carpenter.
Willumstad is also a Commercial Credit veteran. He joined the lender in 1987 after two decades at Chemical Bank.
Willumstad has been president of Citi since January 2002, and has overseen the consumer businesses since December 2000.
Prince will continue to run the investment bank, and Willumstad will still oversee the consumer business.
Prince pledged in a conference call that he would hew to the same course Weill has set for Citi.
Prince, little known outside Citi, noted that he would not be a showman like Weill. "I think my outside persona is not as important as how we perform and how the company grows," he said.
"The public face of the company is definitely going to change quite a bit," noted Lehman's Vandervliet. "Sandy was nothing if not perpetually out in front."
Hints of potential succession came when Weill tapped Prince to run the global investment bank last summer. At the time, the unit was defending its links with Enron, WorldCom and research analyst Jack Grubman. Citi's stock was trading at around $35.24, just a few weeks into a rebound from its 52-week low of $24.75 on July 24. Prince was widely viewed as Weill's choice to clean up mounting regulatory and legal concerns.
More recently, with the analyst settlement resolved, a flurry of organizational changes may have foreshadowed Weill's move. The spinoff of Smith Barney as a separate research division, headed by Krawcheck, occurred in November 2002. Citi dropped the Salomon Smith Barney name for its investment bank in April in favor of Citigroup Global Markets. And in May, Citi named new general counsel Michael Helfer from Nationwide Financial Services Inc.
The announcement ends long speculation over a successor for Weill, who created Citi through a series of acquisitions beginning with Commercial Credit Corp., which he took over in 1986.
In a statement issued by Citi, Weill said he started thinking about succession more than three years ago. He added in a conference call that he worked hard to avoid the bitter succession battles often seen on Wall Street.
He said he decided to make the move now because "I think the company has the wind at its back," mentioning Citi's strong earnings announced Monday, a 75% increase in the dividend and Tuesday's announcement that Citi would pay $3 billion to buy the credit card portfolio of Sears.
Analysts were skeptical about whether Weill's personality would allow him to sit back and let the new leaders manage on their own. Weill made light of the expectation, when Prince said that Citi would be different without "having [Weill] here to nag us and push us and demand excellence every morning," to which Weill replied, "Why do you think I won't do that?"
Citi's stock price dropped 2.8% Wednesday to close at $45.52.
COMPANY: Citigroup Inc. (C)
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February 23, 2004, Agence France Presse, Citibank acquires SKorea's Koram Bank,
February 23, 2004, Agence France Presse, Citibank acquires SKorea's Koram Bank,
Citibank has signed an agreement for the acquisition of South Korea's sixth largest lender, Koram Bank, the two companies said in a statement.
The deal includes the US firm's acquisition of a 36.6 percent stake in Koram held by the Carlyle Group of the United States and a tender offer for up to 100 percent of outstanding shares valued at 3.18 trillion won (2.73 billion dollars), the statement said.
The deal, subject to regulatory approval, has been approved by the boards of directors of both Koram and Citibank and is expected to be concluded by June, it added.
Under the deal, Citibank will become the first foreign bank to acquire a South Korean bank.
US private equity funds have already taken control of South Korean banks, with Lone Star acquiring Korea Exchange Bank, Newbridge Capital taking over Korea First Bank and Carlyle purchasing a controlling stake in Koram.
Koram, the sixth largest South Korean lender, operates 222 domestic branches and has total assets of 43 trillion won, the statement said. Following the acquisition, the combined group will be the fifth largest financial business in the country based on revenue.
"The combination of Koram and Citigroup will create a leading local bank with global capabilities," Citigroup International CEO Deryck Maughan said in the statement.
As a condition of the sale, Citigroup said it was targetting at least an 80 percent overall stake, meaning it must succeed in acquiring a further 43.4 percent stake after the purchase of the Carlyle holding.
The tender offer price represents a 6.7 percent premium over the average closing price of Koram stock on the Korean Stock Exchange over the last 30 trading days of 14,530 won, and a 17.2 percent premium over the average closing price for the past six months of 13,228 won, the statement said.
Koram's board intends to recommend that shareholders tender their shares to Citigroup.
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February 23, 2004, Asia Pulse, Citigroup to Buy Out Koram Bank for US$2.73 Bln,
SEOUL, Feb 23 Asia Pulse - Citigroup, the No. 1 financial services group in the United States, announced Monday it may buy up to 100 per cent of KorAm Bank (KSE:016830), South Korea's seventh-largest lender by assets, with a proposed amount of US$2.73 billion.
The U.S. finance giant said at a press conference at Shilla Hotel in Seoul that it already made a contract with private equity groups JP Morgan and Carlyle Group to acquire their jointly held 36.6 per cent stake in KorAm Bank to make it the largest shareholder in the bank.
Citigroup said it would also buy up other interests in the bank at a per-stock price of 15,500 won through takeover bids. It aims to do so within the second quarter of this year.
Citigroup and KorAm approved the acquisition contract in their respective board meetings Monday. KorAm's board, furthermore, recommended existing shareholders sale their stakes to Citigroup.
Citigroup plans to secure at least 43.4 per cent of the Korean lender through the tender offer, which could advance their total holding to 80 per cent, including the 36.6 per cent stake from JP Morgan and Carlyle.
If all goes according to plan, Citigroup would become the largest foreign investor in South Korea.
It is the first time for a foreign bank to buy out a domestic bank. Previously, overseas private equity funds such as Lone Star, Newbridge Capital and Carlyle have been the buyers of banks in South Korea.
KorAm's nationwide 225-branch network was considered attractive to foreign banks seeking to penetrate the country's retail banking market, industry analysts said.
The merger of KorAm with Citigroup's Citibank operations in South Korea, including $8.9 billion in assets and 12 branches, would move KorAm up a notch from the nation's seventh-biggest lender to sixth largest.
Deryck Maughan, Chief Executive Officer of Citigroup International, said that South Korea is an attractive emerging market, where his financial group places strategic priority.
(Yonhap)
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February 29, 2004, The Asian Banker Journal, Korea: Citigroup to acquire KorAm Bank for $2.73 billion,
Citigroup (NYSE: C) and KorAm Bank (KSE: 016830.KS) today announced that they, together with an investor consortium led by The Carlyle Group and JP Morgan Corsair II, have signed an agreement for the acquisition of KorAm by Citigroup. The terms of the transaction include the acquisition of the consortium's 36.6% stake in KorAm and a tender offer for up to 100% of the remaining shares at a price of KRW 15,500 per share in cash, or a total of KRW 3.18 trillion ($2.73 billion).
The price per share represents a 6.7% premium over the average closing price of KorAm stock on the Korean Stock Exchange for the last 30 trading days of KRW 14,530 and a 17.2% premium over the average closing price for the past six months of KRW 13,228.
The Board of Directors of Citigroup and KorAm have approved the transaction and the Board of KorAm intends to recommend that shareholders tender their shares to Citigroup. The tender offer will commence as soon as all required regulatory approvals are received, and the transaction is expected to close in the second quarter of 2004.
KorAm is the sixth largest commercial bank in Korea, with 222 domestic branches and total assets of KRW 43.0 trillion ($36.8 billion). The businesses of Citigroup and KorAm, taken together, will create the fifth largest financial business in Korea, based on revenues. Citigroup expects that the transaction would be accretive to its 2004 earnings. The transaction, including the making of the tender offer, is subject to customary conditions, including receipt of all required regulatory approvals, and the successful tender of at least 43.4% of KorAm's shares so that together with the 36.6% to be acquired from the consortium, Citigroup will own at least 80% of KorAm's outstanding shares.
"Korea is a strategic priority for Citigroup," said Sir Deryck Maughan, Chairman and Chief Executive Officer, Citigroup International. "The combination of KorAm and Citigroup will create a leading local bank with global capabilities. Together, we will be able to better serve our clients and contribute to Korea's growth and development. Having established ourselves in Korea in 1967, we are deeply committed to the country, which is one of the fastest growing economies in the world, with a gross domestic product of more than $500 billion and a projected GDP growth rate of more than 6% in 2004. We see this transaction as part of a broader strategy to provide greater access to Citigroup's world-class products and services in attractive and growing markets, while providing new opportunities for employees and superior performance for our shareholders."
"Through this transaction, we are providing shareholders attractive value for their investment, customers convenient access to a full array of world class products and services, and employees exciting new opportunities for career development," said Yung-Ku Ha, Chairman and Chief Executive Officer of KorAm. "Citigroup is an ideal partner, one which is best positioned to maximize synergy between our two companies. It is the world's premier global financial institution and a strategic investor that has an in-depth understanding of Korea. We look forward to the successful completion of this transaction and to working together with Citigroup to create what I know will be the country's finest financial institution."
Michael ByungJu Kim, President of Carlyle Asia, said, "The KorAm management team and employees have built a world-class financial institution, creating exceptional value for its customers and shareholders. We at Carlyle, JPMorgan Corsair and the consortium are proud to have made a contribution to the development of KorAm and the banking sector in Korea." "Citigroup's decision to acquire KorAm is a significant vote of confidence in the Korean economy," said D.T. Ignacio Jayanti, President of Corsair. "This transaction represents a strong validation of the Carlyle-Corsair consortium's investment thesis, and speaks to the potential for private equity to play a constructive role in the restructuring of banking systems globally." Re-disseminated by The Asian Banker
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February 29, 2004, The Asian Banker Journal, Citigroup restructures its corporate and investment banking group,
Citigroup (NYSE: C) today announced that it has created two new main business groups - the Capital Markets Group and the Banking Group - within its Global Corporate and Investment Banking Group (GCIB), an important organizational step that institutionalizes an ongoing effort to pair with precision the GCIB's broad capabilities with client needs. Capital Markets Tom Maheras will become Head of Capital Markets, which will consist of all of the GCIB's sales and trading and capital markets businesses. He will continue to report to Robert Druskin, President and Chief Executive Officer of the GCIB. Reporting to Mr. Maheras: James Forese, Head of Equities; two newly named Co-Heads of Fixed Income: Geoff Coley and Randy Barker; and Ward Marsh, Head of Municipal Securities. The origination units of Equity Capital Markets and Debt Capital Markets will continue to operate as a joint venture with Banking, outlined below. Banking Michael Klein will become Head of Banking, reporting directly to Mr. Druskin. In this new role, Mr. Klein will oversee all of our client-facing banking groups and coordinate our corporate client coverage across the organization. The Banking Group will consist of Citigroup's Global Relationship Bank, headed by Alan MacDonald; Emerging Markets Corporate Banking, headed by Suneel Bakhshi; and a new Head of the Investment Bank to be named shortly. Each of these business heads will report to Mr. Klein. Frank Bisignano will continue to head Global Transaction Services, reporting to Mr. Druskin, and will coordinate client coverage closely with Banking. Citigroup International Robert Morse, currently Head of the Investment Bank, will return to Asia, the fastest growing region in the world, to become Head of the GCIB in Asia Pacific, succeeding Stephen Long. Mr. Morse will report jointly to Mr. Druskin and Deryck Maughan, Citigroup Vice Chairman and Chief Executive Officer of Citigroup International. Bill Mills has been named Head of GCIB in Europe, Middle East, and Africa, succeeding Mr. Klein. Mr. Mills will report jointly to Mr. Druskin and Mr. Maughan. Mr. Long has been named Chief Operating Officer of Citigroup International, reporting to Mr. Maughan. He will assist in the development of our international business and be responsible for the day-to-day operations of the group.
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March 31, 2004, The Asian Banker Journal, Citigroup names chairman and CEO of Latin America and Mexico,
Citigroup (NYSE: C) today named Manuel Medina- Mora Chairman and Chief Executive Officer of Citigroup Latin America and Mexico. Mr. Medina-Mora, who will report to Sir Deryck Maughan, Chairman and Chief Executive Officer of Citigroup International, also retains the position of Chief Executive Officer of Banamex that he has held since 2001. In making this announcement, Robert B. Willumstad, Chief Operating Officer of Citigroup, said, "Manuel is an exceptional business executive who has guided Grupo Financiero Banamex to become the number one corporate bank, the number one retail bank, the number one credit card issuer, and the number one pension fund manager in Mexico. Manuel's leadership of our Latin America and Mexico operations as part of Citigroup International will enable us to achieve a more comprehensive and better-integrated international strategic approach for Citigroup."
Mr. Willumstad also announced a new senior team for the Latin America region. Guillermo Acedo has been named Head of the Global Consumer Group - Latin America, reporting to Mr. Medina-Mora and Marge Magner, Chairman and Chief Executive Officer, Global Consumer Group. Gustavo Marin has been named Head of the Global Corporate and Investment Banking Group - Latin America, reporting to Mr. Medina-Mora and Robert Druskin, President and Chief Executive Officer, Global Corporate and Investment Banking Group. John Gerspach has been named Chief Administrative Officer of the Latin America region, reporting to Mr. Medina-Mora. Jorge Bermudez, outgoing Chief Executive Officer of Citigroup Latin America, has become Senior International Advisor of Citigroup.
Mr. Medina-Mora said, "Citigroup has an outstanding management team with enormous experience and deep knowledge of the markets and customers in the 23 countries in Latin America and the Caribbean where we do business. I look forward to working with the new senior management team, which is structured to build on our progress in aligning our efforts with our customers' needs and providing them with the finest financial products and services in the region. I am honored to have the opportunity to work with the regional and country teams -- and all of our colleagues throughout Citigroup International -- as we continue to focus on customer commitment and accelerating growth."
In his capacity as Chief Executive Officer of Banamex, Mr. Medina-Mora will continue to lead the management team of Banamex, overseeing all of Banamex's businesses and operations, including the Corporate and Investment Bank, Consumer Bank, the Cards Business, Retail Banking, Treasury, Insurance, Pension Funds, Securities, Brokerage, and Asset Management.
Mr. Medina-Mora joined Banamex in 1971, and during his first years held several positions in the International and Corporate Banking Groups. From 1981 to 1987, he was responsible for the Bank's operations in London and New York. In 1990, he led Banamex's privatization, and as a result of the creation of Grupo Financiero Banamex-Accival in 1991, he became Deputy President, responsible for the bank's strategy and corporate development. In 1996, he was appointed Chief Executive Officer of Grupo Financiero Banamex-Accival, a position that he held until mid-2001.
After the integration of Banamex into Citigroup in 2001, Mr. Medina-Mora was appointed Chief Executive Officer of Banamex and became a member of Citigroup's Management Committee in January 2002. Re-disseminated by The Asian Banker
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May 26, 2004, FT Investor (Pulses) GSK unveils Sir Christopher Gent as new chairman,
Pharmaceuticals giant GlaxoSmithKline on Wednesday said former Vodafone chief executive Sir Christopher Gent would be succeeding Sir Christopher Hogg as its chairman from the beginning of next year. Sir Christopher Gent, who presided over Vodafone's record-breaking $218bn hostile bid for German rival Mannesman in 2000, will join the company as deputy director in June ahead of taking up the position of non-executive chairman on January 1. Sir Christopher Hogg will retire from the GlaxoSmithKline board on December 31. Joining the GSK board along with Sir Christopher Gent in June will be Sir Deryck Maughan, the chairman and chief executive of Citigroup International. Commenting on the appointments, Sir Christopher Hogg said: "I am delighted that Chris and Deryck are joining the board. Sir Christopher brings with him many years of experience and a track record of delivering outstanding performance in a highly competitive global industry which will be invaluable to GSK. Sir Deryck brings with him a wealth of international corporate and investment banking experience, which will be of great value to the board." In afternoon trading, shares in GlaxoSmithKline were 0.2 per cent higher at 1159p.
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May 31, 2004, The Asian Banker Journal, Jap: Citigroup named chief executive officer,
May 31, 2004, The Asian Banker Journal, Jap: Citigroup named chief executive officer,
Citigroup (NYSE: C) named Douglas L. Peterson, 45, Chief Executive Officer of Citigroup Japan and the Chairman and Chief Executive Officer of Citibank Japan. Peterson, who has served as Citigroup's Chief Auditor since October 2000, will continue as a member of the Citigroup Management Committee and will become part of the Citigroup International Planning Group.
"Doug's leadership of our Japanese business will facilitate a coordinated strategy of growth and customer commitment in one of the world's largest markets," said Sir Deryck Maughan, Chairman and Chief Executive Officer of Citigroup International. "Citigroup has had operations in Japan for more than a hundred years and today is the leading foreign financial institution in Japan. Doug will build on that heritage and invest further in our capacity to serve Japanese consumers and corporations."
Before becoming Citigroup's Chief Auditor, Doug served for two years as a Managing Director of Audit and Risk Review. In that role, he oversaw the merger of the audit functions of Citigroup's predecessor companies and then managed audit teams covering the Global Capital Markets, Latin America, and Travelers insurance businesses. During his tenure at Audit and Risk Review, the function earned recognition for the quality of its work and the forward-looking nature of its approach.
Peterson joined Citibank in 1985, working as a Relationship Manager with the Corporate Bank, first in Buenos Aires and then in New York, covering domestic and international airlines and aircraft manufacturers. In 1991, he became the Country Corporate Officer of Costa Rica, where he expanded the franchise by opening the first foreign-owned bank in the country.
In 1995, he was named Country Corporate Officer for Uruguay, where he managed the corporate bank and oversaw Citicorp's mutual fund. Peterson also launched a private pension fund through a joint venture.
He graduated from Claremont McKenna College in 1980 with a B.A. in Mathematics and History and received an M.B.A. from the Wharton School of the University of Pennsylvania in 1985, where he concentrated in International Finance. He serves on the board of Teaching Matters, Inc. and the advisory boards of the Wharton Financial Institutions Center and the National Council of La Raza. Re-disseminated by The Asian Banker
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June 21, 2004, Jiji Press, (Update) Citigroup to Cut Stake in Nikko Cordial to 12 Pct.,
Tokyo, June 21 (Jiji Press)--Japanese securities holding company Nikko Cordial Corp. said Monday its largest shareholder, Citigroup Inc. of the United States, will reduce its equity stake in Nikko Cordial to approximately 12 pct from the current 20.8 pct.
Citigroup International Chairman Deryck Maughan told a press conference that Citigroup no longer needs to hold such a large amount of shares in Nikko Cordial, whose financial strength has improved.
Maughan, however, added that Citigroup will remain Nikko Cordial's top shareholder even after the share sale, and that it will maintain its current business ties with Nikko Cordial.
Citigroup is seen to be planning to invest some 100 billion yen from the sale of Nikko Cordial shares to acquire other firms.
Maughan, however, declined to comment on speculations that Citigroup is considering purchasing the credit card business of consumer finance firm Aplus Co., affiliated with UFJ Bank, using the proceeds from the share sale.
Meanwhile, Nikko Cordial President Junichi Arimura said the company will release the 180 million shares to be sold by Citigroup on the market with the aim of increasing the number of individual shareholders.
Nikko Cordial hopes to increase the ratio of individual shareholders to around 30 pct from the current 16 pct, Arimura said.
But the company is considering buying back up to 90 million of the 180 million shares to prevent deterioration in the supply-demand balance of its shares on the market, he said.
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TOKYO, June 22 Asia Pulse - Even after Citigroup Inc. reduces its stake in Nikko Cordial Corp. (TSE:8603) to about 12 per cent from roughly 21 per cent, the two groups will see no change in their alliance and keep exploring further collaborative projects, Nikko Cordial President Junichi Arimura and Citigroup International Chairman Deryck Maughan said at a joint news conference Monday.
The reduction will benefit rather than hurt Nikko Cordial by giving it greater control of its management, Arimura said.
At the same time, the U.S. and Japanese groups plan to maintain their business partnership and will continue studying potential joint ventures and other projects, he added.
Citigroup will still retain a stake of around 12 per cent, enabling it to remain a major shareholder in Nikko Cordial at 10 per cent even if the Japanese firm decides to increase its capital through a new share offering later, according to Arimura.
As the top shareholder, Citigroup will continue to have its presence at board of directors meetings at Nikko Cordial, Maughan noted.
Nikko Cordial plans to acquire 90 million of the roughly 180 million shares Citibank is expected to sell, while the rest will be sold mainly to individual investors, Arimura said. The Japanese company wants to see the combined ownership of individual investors increased from the current 16 per cent or so to more than 20 per cent by the end of March 2005 and in excess of 30 per cent in the medium to long term, he added.
(Nikkei)
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October 21, 2004, The Daily Deal, Movers & shakers: Oct. 21, 2004, by Baz Hiralal,
Citigroup Inc. said three of its highest-ranking executives, including Citigroup International chairman Sir Deryck Maughan, are leaving the bank. The group also includes Thomas Jones, the CEO of Citigroup Asset Management, and Peter Scaturro, CEO of Citigroup Private Bank.
Citigroup's board made the decision to ask for the trio's resignations at a meeting on Oct. 19, according to a source familiar with the situation. The departures are effective immediately. Several sources indicated that the exits are directly related to Citigroup's closure of its private banking operation in Japan in late September, demanded by the Japanese Financial Services Authority because it found "fundamental problems with Citibank Japan's compliance and governance systems," Citibank said in a press release at the time. The bank is investigating the unit.
Sources said relationships among Maughan, Jones and Scaturro were characterized by squabbles over the right to claim revenue for their specific units. The infighting intensified as bonus season drew near, and Citi's board grew exasperated, a source said.
Citigroup chief operating officer Bob Willumstad will take over Citigroup Asset Management, Citigroup Private Bank and the Travelers Life & Annuity business, the bank said. Todd Thomson, who recently became the chairman of Smith Barney, will take over the Private Bank starting on Nov. 5.
Citigroup has made a number of major changes at the top lately. In October, it named Sallie Krawcheck, the former chief executive of the Smith Barney unit, as Citigroup's chief financial officer. This week, top investment banker Eduardo Mestre resigned from the bank to join mergers boutique Evercore Partners Inc. Mestre's departure was unrelated to those of Maughan, Jones and Scaturro. -- Heidi Moore
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October 21, 2004, Investor's Business Daily, Japan flap pushes out Citi execs,
Three top Citigroup execs will exit the No. 1 U.S. bank due to Japan's recent decision to close Citigroup's private banking ops there for various violations. Sir Deryck Maughan, a vice chairman; Thomas Jones, head of the global investment management division; and Peter Scaturro, head of Citi's private bank, will leave. Citi shares fell 0.5% to 43.29.
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For a number of years, it was a pretty safe bet that Eduardo Mestre's banking career would end where it began: at Citigroup Global Markets Inc. After all, Mestre, 55, joined Salomon Brothers in 1977 and rose through its and its successors' ranks for 27 years. But on Oct. 18 Mestre, the consummate big-bank banker, said he would move to Evercore Partners Inc., the advisory boutique run by former deputy treasury secretary Roger Altman.
The announcement wasn't a total surprise. In July, Mestre said he would give up his post as chairman of investment banking in September to take on the amorphous role of advisory director, working with clients "on a selective basis" and looking around Wall Street for his next job. Altman soon came calling. The two men didn't know each other well, but Mestre had often worked on deals opposite Evercore telecom maven Michael Price, including Pacific Telesis Group's merger with SBC Communications Inc.
Evercore had much to recommend it to Mestre, including a string of high-profile assignments this year, such as advising Cingular Wireless LLC in its acquisition of AT&T Wireless Services Inc. and working on the PanAmSat Corp. satellite auction. The firm's small size -- it has only 25 advisory pros -- and advisory-only model was also a draw for Mestre, who at Citi often courted the same clients, most notably WorldCom Inc., as the notoriously conflicted Jack Grubman. As an Evercore vice chairman, Mestre will run the firm's M&A advisory practice, which is currently overseen by Altman. Some say he's also successor material to head or co-head Evercore, which could come in handy if John Kerry wins the election and taps Altman for a treasury post.
The Cuban-born Mestre's first job at Salomon, which he joined after four years as an associate at Cleary, Gottlieb, Steen & Hamilton, was in Latin America, where he drummed up business in Argentina, Brazil, Mexico and Venezuela. In 1981 he moved to New York, and in 1982 he was tapped to work on the breakup of Ma Bell. Two years later, he founded Solly's first telecom banking industry group, and by 1989 he was co-heading M&A. In 1995 he became head of investment banking and six years later the group's chairman. But he never stopped doing deals, and in recent years, helped American Online Inc. merge with Time Warner Inc. and WorldCom with MCI Inc.
Mestre starts at Evercore on Nov. 1. His departure from Citi last week was a bit overshadowed by news that international chairman Sir Deryck Maughan would retire, as would the CEO of Citigroup Private Bank, Peter Scaturro and the CEO of Citigroup Asset Management, Thomas Jones, as they take the fall for Citi having to close its Japanese private bank. That's a lot of goodbyes.
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October 30, 2004, The Spectator, The Great Presidential Stakes turns into a trillion-dollar handicap,
by Christopher Fildes,
October 30, 2004, The Spectator, The Great Presidential Stakes turns into a trillion-dollar handicap,
by Christopher Fildes,
The man who got it right, in his way, was Al Gore. Quoting Al Jolson, he promised the voters: 'You ain't seen nothin' yet.' This was his message four years ago, when I was in New York, leaning over the rails to watch the two runners in the Great Presidential Stakes as they neared the line--then, as now, neck and neck. In those distant days, money was rolling in to the Treasury, and the candidates were competing to spend it.
George Bush I had raised taxes and lost an election, so George Bush II was in favour of cutting them. Al Gore said that the age of prosperity was only just starting. I thought that was asking too much. The economy, I said, had taken us all for a long and enjoyable ride on the cycle, but now it was wobbling, and as cycles went it looked more like a cart-propelled horse, pushed forward by the stock market, which peaked a month later.
As for the embarrassment of the Treasury's riches--the national debt, we were seriously told, was on course for extinction--that never looked like a problem beyond the wit of modern governments. Awarded the race by a controversial decision in the stewards' room, Mr Bush has never since met a spending plan he disliked enough to veto it, and he has proved himself a tax-cutter for all seasons. In good times, so he thinks, cuts are affordable, and in bad times, cuts are the remedy. This has enabled him to preside with indifference over the decline of his country's finances, and although, as Adam Smith said, there is a deal of ruin in a nation, reversing the process requires an effort of will. That will be the task for this year's winner of the Great Presidential Stakes. We ain't seen nothin' yet.
Nunn of the above
The economic handicappers at Goldman Sachs have been working the form out. Four summers ago, they say, the US federal government was completing its fourth consecutive year in the black, with a surplus of $236 billion, and the Congressional Budget Office was projecting a surplus of $5.6 trillion over the ten years ahead. It is now projecting a ten-year deficit of $2.3 trillion, even assuming that the Bush tax cuts expire when their time runs out. Doubting this, Goldman's economists think that $5 or $6 trillion now looks more likely, getting worse as the decade goes on. Both candidates have plans for halving the deficit, but the economists cannot make either set of numbers add up. They believe that John Kerry takes the point more seriously, with George Bush II more concerned about getting his tax cuts entrenched. I can see why William Janeway, investment banker and occasional Spectator columnist, always backed Senator Sam Nunn of Georgia. He yearned to vote for Nunn Of The Above.
Gold votes early
You can see how gold is voting. Pushing up this week to its highest price--in dollars, that is--for 16 years, it is firmly in the Nunn (or Neither) camp. This administration has had to print trillions of dollars, the next one will have to print more, printing dollars is easier than mining for gold, and the price is reflecting the difference. This process used to be known as inflation, and when Alan Greenspan retires from the Federal Reserve next year, his successor will need to do something about it, even if that hurts. Until now the markets have found the sage's presence reassuring, but he may be nearing his wise-by date. Observe that oil is now voting the same way as gold.
Reputation undone
Poor old Citicorp can't put a foot right. Correction: rich old Citicorp. This week's fine--$250,000 for misleading investors in hedge funds--will not break the world's biggest provider of financial services, but it represents a bad habit. When the markets were blazing, Citi wandered too close to the flames, burning its fingers on WorldCom and Enron, losing billions and getting some expensive reputations dented. Undeterred, Citi raided Europe's bond markets and suffered more reputational damage. In Japan, Citi's private bankers provoked the hosts into withdrawing their licence. This in turn provoked Charles Prince, Citi's new chief executive, to order a purge whose victims included the head of Citigroup International, Sir Deryck Maughan. This rising star of Her Majesty's Treasury was lured away to Salomon Brothers, and Warren Buffett called on him to run it, greeting him as the lift doors opened and saying, 'You're tapped.' That was an earlier exercise in repairing reputations after serious damage. Then Citi paid a fortune for Salomon, and a new generation got up to new tricks, and now the name has been junked and the work must be done again. Markets, as Sir Patrick Sergeant says, are ruled by greed and fear--and greed's turn, for the moment, is over.
Sheriff Spitzer
The big winner from fear's turn is Eliot Spitzer. He rides into Wall Street with his silver star pinned to his chest, and the men in black hats flee, or fall from their horses. As New York's Attorney General, he has taken on its financial grandees, and Jeffrey Greenberg is only the latest. He was chairman and chief executive of Marsh & McLennan, insurance brokers to the world, until Mr Spitzer swooped, accusing Marsh Mac of a culture of covert commissions, knocking two fifths off its share price and inviting Mr Greenberg's resignation. In the same way as Mr Spitzer and in the same job, Rudolf Giuliani made his name as a financial crime-buster, went on to be mayor of New York and may still have higher aspirations. So, surely, has Mr Spitzer. Watch his speed when next the elections come round.
Off tracks
Amtrak has me worried. This is the hard-pressed operator of America's long-distance passenger trains, and now it has moved into the British market and diversified into delivering wines. Either that, or someone on this side has borrowed its name and dressed it up with a suitable logo. I find that what this Amtrak does best is delivering cards which explain why it has taken the wine somewhere else--back to its depot, or back to the wine merchant, or away to the surgery of a neighbouring doctor, who is surprised to learn that this is what he ordered. If this is the railways' Amtrak, too, I wonder where it leaves its passengers.
No Results
Nunn of the above
The economic handicappers at Goldman Sachs have been working the form out. Four summers ago, they say, the US federal government was completing its fourth consecutive year in the black, with a surplus of $236 billion, and the Congressional Budget Office was projecting a surplus of $5.6 trillion over the ten years ahead. It is now projecting a ten-year deficit of $2.3 trillion, even assuming that the Bush tax cuts expire when their time runs out. Doubting this, Goldman's economists think that $5 or $6 trillion now looks more likely, getting worse as the decade goes on. Both candidates have plans for halving the deficit, but the economists cannot make either set of numbers add up. They believe that John Kerry takes the point more seriously, with George Bush II more concerned about getting his tax cuts entrenched. I can see why William Janeway, investment banker and occasional Spectator columnist, always backed Senator Sam Nunn of Georgia. He yearned to vote for Nunn Of The Above.
Gold votes early
You can see how gold is voting. Pushing up this week to its highest price--in dollars, that is--for 16 years, it is firmly in the Nunn (or Neither) camp. This administration has had to print trillions of dollars, the next one will have to print more, printing dollars is easier than mining for gold, and the price is reflecting the difference. This process used to be known as inflation, and when Alan Greenspan retires from the Federal Reserve next year, his successor will need to do something about it, even if that hurts. Until now the markets have found the sage's presence reassuring, but he may be nearing his wise-by date. Observe that oil is now voting the same way as gold.
Reputation undone
Poor old Citicorp can't put a foot right. Correction: rich old Citicorp. This week's fine--$250,000 for misleading investors in hedge funds--will not break the world's biggest provider of financial services, but it represents a bad habit. When the markets were blazing, Citi wandered too close to the flames, burning its fingers on WorldCom and Enron, losing billions and getting some expensive reputations dented. Undeterred, Citi raided Europe's bond markets and suffered more reputational damage. In Japan, Citi's private bankers provoked the hosts into withdrawing their licence. This in turn provoked Charles Prince, Citi's new chief executive, to order a purge whose victims included the head of Citigroup International, Sir Deryck Maughan. This rising star of Her Majesty's Treasury was lured away to Salomon Brothers, and Warren Buffett called on him to run it, greeting him as the lift doors opened and saying, 'You're tapped.' That was an earlier exercise in repairing reputations after serious damage. Then Citi paid a fortune for Salomon, and a new generation got up to new tricks, and now the name has been junked and the work must be done again. Markets, as Sir Patrick Sergeant says, are ruled by greed and fear--and greed's turn, for the moment, is over.
Sheriff Spitzer
The big winner from fear's turn is Eliot Spitzer. He rides into Wall Street with his silver star pinned to his chest, and the men in black hats flee, or fall from their horses. As New York's Attorney General, he has taken on its financial grandees, and Jeffrey Greenberg is only the latest. He was chairman and chief executive of Marsh & McLennan, insurance brokers to the world, until Mr Spitzer swooped, accusing Marsh Mac of a culture of covert commissions, knocking two fifths off its share price and inviting Mr Greenberg's resignation. In the same way as Mr Spitzer and in the same job, Rudolf Giuliani made his name as a financial crime-buster, went on to be mayor of New York and may still have higher aspirations. So, surely, has Mr Spitzer. Watch his speed when next the elections come round.
Off tracks
Amtrak has me worried. This is the hard-pressed operator of America's long-distance passenger trains, and now it has moved into the British market and diversified into delivering wines. Either that, or someone on this side has borrowed its name and dressed it up with a suitable logo. I find that what this Amtrak does best is delivering cards which explain why it has taken the wine somewhere else--back to its depot, or back to the wine merchant, or away to the surgery of a neighbouring doctor, who is surprised to learn that this is what he ordered. If this is the railways' Amtrak, too, I wonder where it leaves its passengers.
No Results
________________________________________________________________
October 31, 2004, The Asian Banker Journal, Financial Institution,"This is a business in which size counts." Peter Williams, managing director, Equity Trustees reportedly commenting on the company's plan to merge its trustee operations with ANZ Bank to form Australia's third-largest trustee company.
Aus: Axa SA withdraws bid for Axa
Asia Pacific French insurance company AXA SA has withdrawn its A$3 billion ($2.19 billion) takeover bid for Axa Asia Pacific Holdings after the directors rejected an offer of A$4.05 ($2.95) a share. A group of local investors was understood to be pushing for nearly A$4.50 ($3.28). Axa SA announced in August that it was looking to buy 48.3 percent stake in Axa Asia Pacific.
India: UTI's net profit dips UTI BANK's net profit fell by 28 percent to Rs 46.22 crore ($10.09 million) in the third quarter compared to Rs 64.18 crore ($14.02 million) a year ago. The decline is attributed mainly to trading losses in 2004. This is a one-time hit that the bank incurred on account of transfer of gilts from 'available for sale' to 'hold to maturity' category.
Indo: Bank Mandiri seeks bilateral loans
BANK MANDIRI plans to seek bilateral loans from foreign banks to help refinance its maturing debts totaling between $300 million to $400 million in year 2004. This is following a decision to drop plans to raise the required funds from overseas bond markets. The bank will probably seek debt refinancing facilities from foreign banks such as HSBC. Int'l:
Citigroup ousts three top executives
Charles Prince, chief executive of CITIGROUP, removed three of its most senior executives in his efforts to restore the company's reputation by for failing to prevent regulatory problems in Japan. Sir Deryck Maughan, chairman of Citigroup International, Thomas Jones, head of investment management, and Peter Scaturro, head of its private bank, will all be leaving the company.
Korea: Merger of three exchanges planned
The planned merger of the KOREA STOCK EXCHANGE, the KOSDAQ STOCK MARKET and the KOREA FUTURES EXCHANGE has been set for December 2004. The merger will upgrade competitiveness of the nations' trading system for a variety of financial products, including stocks, options and other derivatives products. Copyright (c) The Asian Banker
Tokyo, Nov. 13 (Jiji Press)--Japanese and U.S. business leaders will discuss Chinese economic issues as one of main topics in the 41st Japan-U.S. Business Conference to be held in Tokyo for two days from Sunday.
China, which has achieved remarkable economic development recently, will be included in the agenda of the annual meeting for the first time ever.
Toshiba Corp. Chairman Taizo Nishimuro, a cochair of the meeting, said the conference will consider making recommendations for the Chinese government to implement appropriate economic policies.
Regarding China, participants in the conference will discuss the nation's economic trends and the problems of intellectual property rights and foreign direct investment.
They will also exchange views on Japanese and U.S. economic conditions and energy problems including a surge in crude oil prices.
Besides Nishimuro, Hiroshi Okuda, chairman of the Japan Business Federation, and Sony Corp. Chairman Nobuyuki Idei will take part in the conference from Japan.
Participants from the United States will include Deryck Maughan, former vice chairman of Citigroup Inc., and Henry McKinnell, chairman and chief executive officer of Pfizer Inc.
Tokyo, Nov. 15 (Jiji Press)--Japanese and U.S. business leaders on Monday called for China to take further steps to increase the transparency of its investment approval process and adopt strong measures for protection of intellectual property rights.
Concluding the two-day session of the 41st Japan-U.S. Business Conference, the Japanese and U.S. businessmen adopted a joint statement asking for the improvement of the business environment in China.
The conference also urged the Chinese government and companies from Japan and the United States to join forces to address air pollution and other environmental issues.
The statement called on the Japanese government to level the playing field between Japan Post's financial services, including "Yucho" savings and "Kampo" insurance businesses, and their private counterparts.
They also asked the U.S. government to slash the country's current account and fiscal deficits.
The conference was cochaired by Toshiba Corp. Chairman Taizo Nishimuro and Deryck Maughan, former vice chairman of Citigroup Inc.
The next meeting will be held in the United States in late October 2005. Maurice Greenberg, chairman and chief executive officer of American International Group Inc., will replace Maughan as chair from the U.S. side.
_________________________________________________________________________
November 25, 2004, Private Banker International, Citi closing trust bank in continuing Japan wealth implosion,
Citigroup is closing its trust bank in Japan in addition to its private banking operations, after chief executive Charles Prince visited Tokyo for what rivals described as a "fall-on-sword" apology over its transgressions in the country's wealth management market.
Cititrust and Banking Corporation, a trust bank subsidiary, will be wound down by mid-October 2005. This unit offers investment management and real estate advisory services.
However, Citigroup intends to retain 400 staff from the private banking operation as well as 150 workers at Cititrust. It will also retain its 50 percent share of the much larger NikkoCiti Trust and Banking, its trust banking joint venture with Nikko Cordial, Japan's third-largest brokerage house.
Public apology
Prince declared, at a packed Tokyo press conference, "I'd like to fully apologize to our customers and the public for the problem that has occurred in our business in Japan and for any concern and inconvenience this has caused." The bank's plan to end its private banking operations is in line with an order issued in September by the Financial Services Agency because of problems with compliance and its management structure. These ranged from failure to implement safeguards against money laundering to misleading customers about the risks of their investments.
In a ceremonial top management disembowelling as a result of the scandal, three senior Citi executives with responsibility for the Japan private banking business, including Peter K Scaturro, head of Citi's private bank, have departed. Todd Thomson, former head of private banking, has taken over from Scaturro. Sir Deryck Maughan, a Citigroup vice chairman and head of Citigroup International and Thomas W Jones, chairman and chief executive of the global investment management division have also left. Citigroup admitted that its private banking division in Japan had weak internal controls and corporate governance due partly to the division's emphasis on revenue and business efficiencies.
Douglas Peterson, the newly-appointed chief executive of Citibank Japan, said the bank has no plans to restart private banking in Japan. He admitted that the group has taken a hit to its reputation in Japan, causing confusion among retail banking customers.
Bad strategic timing
It is also now clear that the closure of Citigroup's private banking operations comes at a particularly bad time strategically, when Japanese clients will likely be looking for ways to salt their cash away, Tokyo bankers said.
In a move against counterfeiting, the Bank of Japan has just started putting new bank notes into circulation - which is likely to pull cash out of the country's large underground economy. Old notes are to be withdrawn from circulation two years from now.
Individuals fear that, as the new currency gains general circulation, their holdings of old notes will draw unwanted regulatory attention. Gold and real estate are expected to be among the destinations for the hoarded cash, although some money could even flow into offshore private banking in Hong Kong, Singapore and Switzerland.
The true scale of Japan's underground economy, based on transactions hidden from the tax authorities and often involving tax evasion, money laundering and drugs deals, is not known. Coins and notes in circulation in Japan account for about 15 percent of national income compared to 6 percent in Germany.
Takashi Kadokura, economist at Dai-Ichi Life Research Institute and an expert on Japan's underground economy, puts the value of hoarded 'futon' cash at the equivalent of $47 billion, but other broader estimates put it nearer a huge $700 billion, if the bona fide cash holdings of traditionally-conservative elderly Japanese are included.
Manoeuvring for Citi clients
Meanwhile, Japanese banks are manoeuvring to try and pick up Citi private clients. Mitsubishi Trust & Banking is targeting 220,000 executives of small and medium-sized companies who need advice on inheritance taxes and asset management. Elsewhere, Mizuho Trust will hold about 200 seminars on inheritance and other wealth issues in coming months aimed at some 6,000 wealthy clients while Sumitomo Trust plans to increase the number of private bankers by 25 percent to 50 by next March.
___________________________________________________________________________
Three senior executives left Citigroup after being found partially responsible for the forced closure of its private bank in Japan. The departing executives are Deryck Maughan, Thomas Jones and Peter Scaturro. Maughan was chairman of Citigroup International, Jones was the chief executive of Citigroup Global Investment Management and Scaturro was chief executive of Citigroup Private Bank.
______________________________________________________________
November 13, 2004, Jiji Press, Japan, U.S. Biz Leaders to Discuss Chinese Economy,
November 13, 2004, Jiji Press, Japan, U.S. Biz Leaders to Discuss Chinese Economy,
Tokyo, Nov. 13 (Jiji Press)--Japanese and U.S. business leaders will discuss Chinese economic issues as one of main topics in the 41st Japan-U.S. Business Conference to be held in Tokyo for two days from Sunday.
China, which has achieved remarkable economic development recently, will be included in the agenda of the annual meeting for the first time ever.
Toshiba Corp. Chairman Taizo Nishimuro, a cochair of the meeting, said the conference will consider making recommendations for the Chinese government to implement appropriate economic policies.
Regarding China, participants in the conference will discuss the nation's economic trends and the problems of intellectual property rights and foreign direct investment.
They will also exchange views on Japanese and U.S. economic conditions and energy problems including a surge in crude oil prices.
Besides Nishimuro, Hiroshi Okuda, chairman of the Japan Business Federation, and Sony Corp. Chairman Nobuyuki Idei will take part in the conference from Japan.
Participants from the United States will include Deryck Maughan, former vice chairman of Citigroup Inc., and Henry McKinnell, chairman and chief executive officer of Pfizer Inc.
_____________________________________________________________
November 15, 2004, Jiji Press, Japan, U.S. Biz Leaders Ask for China Transparency Measures,
November 15, 2004, Jiji Press, Japan, U.S. Biz Leaders Ask for China Transparency Measures,
Tokyo, Nov. 15 (Jiji Press)--Japanese and U.S. business leaders on Monday called for China to take further steps to increase the transparency of its investment approval process and adopt strong measures for protection of intellectual property rights.
Concluding the two-day session of the 41st Japan-U.S. Business Conference, the Japanese and U.S. businessmen adopted a joint statement asking for the improvement of the business environment in China.
The conference also urged the Chinese government and companies from Japan and the United States to join forces to address air pollution and other environmental issues.
The statement called on the Japanese government to level the playing field between Japan Post's financial services, including "Yucho" savings and "Kampo" insurance businesses, and their private counterparts.
They also asked the U.S. government to slash the country's current account and fiscal deficits.
The conference was cochaired by Toshiba Corp. Chairman Taizo Nishimuro and Deryck Maughan, former vice chairman of Citigroup Inc.
The next meeting will be held in the United States in late October 2005. Maurice Greenberg, chairman and chief executive officer of American International Group Inc., will replace Maughan as chair from the U.S. side.
_________________________________________________________________________
November 25, 2004, Private Banker International, Citi closing trust bank in continuing Japan wealth implosion,
Citigroup is closing its trust bank in Japan in addition to its private banking operations, after chief executive Charles Prince visited Tokyo for what rivals described as a "fall-on-sword" apology over its transgressions in the country's wealth management market.
Cititrust and Banking Corporation, a trust bank subsidiary, will be wound down by mid-October 2005. This unit offers investment management and real estate advisory services.
However, Citigroup intends to retain 400 staff from the private banking operation as well as 150 workers at Cititrust. It will also retain its 50 percent share of the much larger NikkoCiti Trust and Banking, its trust banking joint venture with Nikko Cordial, Japan's third-largest brokerage house.
Public apology
Prince declared, at a packed Tokyo press conference, "I'd like to fully apologize to our customers and the public for the problem that has occurred in our business in Japan and for any concern and inconvenience this has caused." The bank's plan to end its private banking operations is in line with an order issued in September by the Financial Services Agency because of problems with compliance and its management structure. These ranged from failure to implement safeguards against money laundering to misleading customers about the risks of their investments.
In a ceremonial top management disembowelling as a result of the scandal, three senior Citi executives with responsibility for the Japan private banking business, including Peter K Scaturro, head of Citi's private bank, have departed. Todd Thomson, former head of private banking, has taken over from Scaturro. Sir Deryck Maughan, a Citigroup vice chairman and head of Citigroup International and Thomas W Jones, chairman and chief executive of the global investment management division have also left. Citigroup admitted that its private banking division in Japan had weak internal controls and corporate governance due partly to the division's emphasis on revenue and business efficiencies.
Douglas Peterson, the newly-appointed chief executive of Citibank Japan, said the bank has no plans to restart private banking in Japan. He admitted that the group has taken a hit to its reputation in Japan, causing confusion among retail banking customers.
Bad strategic timing
It is also now clear that the closure of Citigroup's private banking operations comes at a particularly bad time strategically, when Japanese clients will likely be looking for ways to salt their cash away, Tokyo bankers said.
In a move against counterfeiting, the Bank of Japan has just started putting new bank notes into circulation - which is likely to pull cash out of the country's large underground economy. Old notes are to be withdrawn from circulation two years from now.
Individuals fear that, as the new currency gains general circulation, their holdings of old notes will draw unwanted regulatory attention. Gold and real estate are expected to be among the destinations for the hoarded cash, although some money could even flow into offshore private banking in Hong Kong, Singapore and Switzerland.
The true scale of Japan's underground economy, based on transactions hidden from the tax authorities and often involving tax evasion, money laundering and drugs deals, is not known. Coins and notes in circulation in Japan account for about 15 percent of national income compared to 6 percent in Germany.
Takashi Kadokura, economist at Dai-Ichi Life Research Institute and an expert on Japan's underground economy, puts the value of hoarded 'futon' cash at the equivalent of $47 billion, but other broader estimates put it nearer a huge $700 billion, if the bona fide cash holdings of traditionally-conservative elderly Japanese are included.
Manoeuvring for Citi clients
Meanwhile, Japanese banks are manoeuvring to try and pick up Citi private clients. Mitsubishi Trust & Banking is targeting 220,000 executives of small and medium-sized companies who need advice on inheritance taxes and asset management. Elsewhere, Mizuho Trust will hold about 200 seminars on inheritance and other wealth issues in coming months aimed at some 6,000 wealthy clients while Sumitomo Trust plans to increase the number of private bankers by 25 percent to 50 by next March.
___________________________________________________________________________
December 31, 2004, The Asian Banker Journal, Who, What, Where,
Three senior executives left Citigroup after being found partially responsible for the forced closure of its private bank in Japan. The departing executives are Deryck Maughan, Thomas Jones and Peter Scaturro. Maughan was chairman of Citigroup International, Jones was the chief executive of Citigroup Global Investment Management and Scaturro was chief executive of Citigroup Private Bank.
Peter Hodgson is replacing Marc Lawrence as Australia and New Zealand Bank (ANZ)'s chief risk officer, reporting to the chief executive officer. Hodgson is currently the managing director of corporate and structured financing of ANZ for Australia, New Zealand and Asia. Kookmin Bank has appointed Kang Chung-won, 53 as its new president. Kang is a career banker who has worked at Korean banks and has experience in American and European banks.
In Malaysia, Bumiputra-Commerce Bank (BCB) managing director/CEO Dr Rozali Mohamed Ali, 55, has been promoted to group chief executive of parent company Commerce Asset-Holding. Dauk Azmi Abdullah, currently the bank's executive director/chief operating officer, would take over the helm at BCB. India's Centurion Bank has appointed Harpreet Singh as head, branch banking & wealth management services. He was formerly the head of direct business at Tata Teleservices. Singh will be responsible for branch banking, wealth management services, customer service and mortgage products.
September 28, 2005, Finance Week, Reuters appoints Maughan as non-executive director,
____________________________________________________________________________
Reuters Group has named Citigroup International's former chairman and chief executive Sir Deryck Maughan as an independent non-executive director. Maughan has served as a member of HM Treasury in London and was most recently chairman and chief executive officer of Citigroup International.
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October 2, 2006, AFX Europe (Focus) BlackRock, Merrill unit close merger,
NEW YORK (AFX) - BlackRock Inc. and the money-management arm of Merrill Lynch & Co. said Monday that they've completed their previously announced merger, a combination that creates one of the world's largest investment-management firms with over $1 trillion in assets.
BlackRock Chairman and Chief Executive Laurence D. Fink outlined future strategy for the company on Monday, plans to reach out to retail investors, tap into a boom in international capital markets and build up its alternative investments.
An ad campaign set to start running Tuesday in The Wall Street Journal will tout the virtues of the new company, and the firm is also launching a wide-scale rebranding of its products.
As BlackRock attempts to transform itself from an investment management company largely known for fixed-income products sold to institutional investors, it will benefit from a growing similarity between the wants of institutional and retail investors, Fink said in an interview.
"In the last five to 10 years, there's been a growing convergence between institutional and retail investors," Fink said.
Rachel Barnard, an analyst at Morningstar, Inc., said she thinks BlackRock will face a challenge in becoming a manager of equities. "How are they going to become a great equities shop?" she said. "It's completely different distribution, different market. It's a different ball of wax."
Fink downplayed the differences between managing different asset classes, saying that that all of them "require a great team."
BlackRock agreed to acquire Merrill Lynch Investment Managers in February in exchange for giving Merrill a 49.8 percent stake in the combined company. The transaction made asset-management history, along with the recent $3.9 billion asset swap between Legg Mason Inc. and Citigroup Inc.
In September, BlackRock reiterated an earlier outlook for 2007 per-share earnings of $6.10 to $6.60.
A key strategy will be for BlackRock to expand its reach into international capital markets, said Fink, sounding a theme he has revisited often. He noted the boom in initial public offerings in Europe and Asia and "all of the ingenuity now manifesting throughout the world."
"The whole world is adapting to the power of the global markets," Fink said.
To dig deeper into international markets, the firm will build on the strength of MLIM in continental Europe, where it ranks among the top three investment platforms, according to Fink.
In the United States, BlackRock will work on building its image as a mutual-fund provider. While it has only limited experience with these funds, the firm has inherited a huge array of them and other retail products through the Merrill Lynch deal. "In the U.S., BlackRock is not as strong with mutual funds, but the combined platforms will allow us to begin" carving out a niche, said Fink.
BlackRock also plans to build up its presence in alternative investments including hedge funds and private equity. But it will be cautious about how it expands, said Fink. "We won't initiate hedge funds unless we have the right product specialist to do it," said Fink. "You can't just wiggle your nose and say 'I want a hedge fund.' You need the intellectual capital, you need the process and the organizational structure."
On Monday, BlackRock also said its appointed three new directors, bringing its board to 17 members, including nine independents. The new appointees are Sir Deryck Maughan, managing director of Kohlberg Kravis Roberts & Co. and chairman of KKR Asia; Robert C. Doll, BlackRock's vice chairman and chief investment officer of global equities; and Robert S. Kapito, BlackRock's vice chairman and head of portfolio management.
BlackRock shares fell $3.99, or 2.7 percent, to $145.01 in afternoon trading Monday on the New York Stock Exchange.
NEW YORK (AFX) - BlackRock Inc. and the money-management arm of Merrill Lynch & Co. said Monday that they've completed their previously announced merger, a combination that creates one of the world's largest investment-management firms with over $1 trillion in assets.
BlackRock Chairman and Chief Executive Laurence D. Fink outlined future strategy for the company on Monday, plans to reach out to retail investors, tap into a boom in international capital markets and build up its alternative investments.
An ad campaign set to start running Tuesday in The Wall Street Journal will tout the virtues of the new company, and the firm is also launching a wide-scale rebranding of its products.
As BlackRock attempts to transform itself from an investment management company largely known for fixed-income products sold to institutional investors, it will benefit from a growing similarity between the wants of institutional and retail investors, Fink said in an interview.
"In the last five to 10 years, there's been a growing convergence between institutional and retail investors," Fink said.
Rachel Barnard, an analyst at Morningstar, Inc., said she thinks BlackRock will face a challenge in becoming a manager of equities. "How are they going to become a great equities shop?" she said. "It's completely different distribution, different market. It's a different ball of wax."
Fink downplayed the differences between managing different asset classes, saying that that all of them "require a great team."
BlackRock agreed to acquire Merrill Lynch Investment Managers in February in exchange for giving Merrill a 49.8 percent stake in the combined company. The transaction made asset-management history, along with the recent $3.9 billion asset swap between Legg Mason Inc. and Citigroup Inc.
In September, BlackRock reiterated an earlier outlook for 2007 per-share earnings of $6.10 to $6.60.
A key strategy will be for BlackRock to expand its reach into international capital markets, said Fink, sounding a theme he has revisited often. He noted the boom in initial public offerings in Europe and Asia and "all of the ingenuity now manifesting throughout the world."
"The whole world is adapting to the power of the global markets," Fink said.
To dig deeper into international markets, the firm will build on the strength of MLIM in continental Europe, where it ranks among the top three investment platforms, according to Fink.
In the United States, BlackRock will work on building its image as a mutual-fund provider. While it has only limited experience with these funds, the firm has inherited a huge array of them and other retail products through the Merrill Lynch deal. "In the U.S., BlackRock is not as strong with mutual funds, but the combined platforms will allow us to begin" carving out a niche, said Fink.
BlackRock also plans to build up its presence in alternative investments including hedge funds and private equity. But it will be cautious about how it expands, said Fink. "We won't initiate hedge funds unless we have the right product specialist to do it," said Fink. "You can't just wiggle your nose and say 'I want a hedge fund.' You need the intellectual capital, you need the process and the organizational structure."
On Monday, BlackRock also said its appointed three new directors, bringing its board to 17 members, including nine independents. The new appointees are Sir Deryck Maughan, managing director of Kohlberg Kravis Roberts & Co. and chairman of KKR Asia; Robert C. Doll, BlackRock's vice chairman and chief investment officer of global equities; and Robert S. Kapito, BlackRock's vice chairman and head of portfolio management.
BlackRock shares fell $3.99, or 2.7 percent, to $145.01 in afternoon trading Monday on the New York Stock Exchange.
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October 2, 2006, AFX CNF, GlaxoSmithKline PLC - Director/PDMR Shareholding,
327 words...Depository Shares (ADS) Sir Christopher Gent 1,755.62 Mr Lawrence Culp 678.66 Sir Crispin Davis 1,053.37 Sir Deryck Maughan 678.66 Dr Daniel Podolsky 254.50 Sir Ian Prosser 790.03 Dr Ronaldo Schmitz 632.02 Mr Tom de Swaan 263.34...
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February 12, 2007, AFX CNF, GlaxoSmithKline PLC - Directorate Change,
February 12, 2007, AFX CNF, GlaxoSmithKline PLC - Directorate Change,
700+ words...Crispin Davis Independent Non-Executive Director Sir Deryck Maughan Independent Non-Executive Director Dr Daniel Podolsky...Committee Chairman Members Audit Mr Tom de Swaan Sir Deryck Maughan Dr Daniel Podolsky Sir Ian Prosser Dr Ronaldo Schmitz...
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January 27, 2012, Pharma, GlaxoSmithKline says several board members will not stand for reelection,
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January 27, 2012, Pharma, GlaxoSmithKline says several board members will not stand for reelection,
345 words...chair of the audit and risk committee with effect on 1 January 2013. Swaan will remain member of this committee.Deryck Maughan will succeed Robert Wilson as senior independent non-executive director with effect from the closure of GSK's...
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January 27, 2012, M2 Equity Bites, GlaxoSmithKline reports board changes,
January 27, 2012, M2 Equity Bites, GlaxoSmithKline reports board changes,
286 words...Lewent will succeed Tom de Swaan as chair of the Audit & Risk Committee. From the closure of GSK's AGM in 2013, Sir Deryck Maughan will succeed Sir Robert Wilson as senior independent non-executive director. ((Comments on this story may be...
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