John Reed’s reflections on Citibank
John was my boss (or more accurately, my boss’s boss) at Citibank and was responsible for developing the retail bank into the powerhouse it became. After Citi merged with Travelers, he ultimately lost out to Sandy Weill.
Citi hasn’t done well lately. For those of us who worked there when it was considered the most innovative and forward thinking retail bank are shaking our heads wondering how JP Morgan Chase and Bank of America could surpass them. They’re better retail banks, and they now have greater market cap.
John gave a rare interview to Financial Times today, where he described the merger as a ”sad story”. If you are a current of former Citibanker, you’ll find this interesting.