First up, Citigroup chairman Sandy Weill. Sandy caused a bit of a fuss earlier this year, when he muted leaving the empire he had built and doing his own private equity thing. That didn't happen then, and seems unlikely to happen at all now.
Citigroup's CEO, Chuck Prince, confirmed last week that Weill, 72, will not be setting up any kind of business venture when he steps down as chairman. His contract requires Weill to be exclusively available to Citigroup in an advisory capacity for a period of at least 10 years after he leaves in 2006. Instead, Sandy will focus on his charitable interests.
Meanwhile, Prince has said that he is now prepared to consider acquisitions. And that's just 9 months after the US Federal Reserve restricted the company's ability to do major deals, following those compliance and internal control-related problems in Japan last year. Having said this, bringing in a major acquisition will not be a priority. The focus will be on organic growth. Prince also said that Citigroup is done with selling off business units.
The boss of the world's largest financial institution also said that 'I haven't in years been as optimistic and confident of the future of this institution'.
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