Sandy Weill

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Sanford I. Weill
Location Greenwich, Connecticut

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

On an August, 2012, television Interview, Weill supported the reinstatement of Glass-Steagall Act and the subsequent breakup of big banks. Many saw this as a reversal of one of the largest proponents for the act's repealing in 1999.

Background[edit]

Weill began his career as a broker for Bear Stearns in the late 1950's before founding his own brokerage firm Carter, Berlind, Potoma & Weill in 1960. In the following twenty years, through numerous aquisitions, Weill's firm grew into what would be known as Shearson. Shortly after selling the securities broker to American Express, Weill left the firm in 1985 to head Minneapolis lender and insurer, Commercial Credit. After leading Commercial's IPO, he helped the firm acquire Smith Barney and A.L. Williams Insurance and eventually Shearson. This new conglomeration became known as Primerica Corp. [2]

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


Education[edit]

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

References[edit]