King Of Capital: Sandy Weill And The Making Of Citigroup

Citigroup CEO Sandy Weill orchestrated many deals over his legendary forty-five year career—none bigger than the 1998 epic merger of Travelers and Citibank to create the international conglomerate, Citigroup. King of Capital tells the compelling story of how this complex man revolutionized the banking world and transformed Citigroup through a combination of mergers and powerplays.

Throughout his entire career Weill has created successful businesses out of smaller, seemingly unworkable pieces; filled product vacuums no one else even realized were void; and forced issues that no one else had the gumption to tackle. His daring dealmaking tactics were never more evident than while forming Citigroup, as he lobbied Congress to deregulate the financial services industry and ousted his co-CEO in a public power struggle. Through an engaging narrative by financial writers Amey Stone and Mike Brewster, King of Capital chronicles the legacy of Sandy Weill that began taking shape in 1970 with the creation of Shearson, was honed during his tenure at American Express, and continues as he leads one of the world's largest banks.

Along with probing Weill's signature business deals, King of Capital traces the path this feared, envied, and admired man took to get to the top. Readers will gain valuable insight into the strategies and tactics of this admired dealmaker-including his ability to turn a workforce into a family, with all the love, loyalty, battles and heartbreaks. What distinguishes Weill from the run-of-the mill executive is a laser-like focus on what he wants, trust in his lieutenants, and incredible belief in himself-conviction that he did not always possess. Weill, cowed by Bensonhurst bullies as a child, hazed as a military school plebe, intimidated by the strong personalities of some his early partners, has defied all expectations to become a CEO whose deals have had lasting impact on global finance and the economy.

Amey Stone (New York, NY) has more than ten years of experience as a financial writer. Currently, she is an Associate Editor at BusinessWeek Online, where she cowrites the daily "Street Wise" column, and is responsible for writing many of the site's lead stories on business trends, technology, and the economy, including several articles covering Citigroup and Sandy Weill.
Mike Brewster (New York, NY) is an accomplished writer, editor and financial services professional. He recently launched a career magazine called Leaders Online.

Reviews:

Citigroup is an amazing blend of financial services that has developed over the years into a fascinating company. This is the story of how it all came together from hard work to merges and acquisitions. The companies growth is truly amazing and this is one of the great stories in modern finance. For those who want to get a sense of where investment and banking is headed in the future this is a great starting point. It is written in plain enough language that you do not have to be a finance expert to understand it. If you are a finance expert you will see the possibilities that are occurring and understand what the ramifications of each move were on the industry as a whole. Very well written and just a great book in general.

This book has a particular appeal for two reasons: 1) Citigroup is the world's largest financial institution 2) it describes in some detail, the conflict between two storied CEO's - John Reed and Sandy Weill. Coming from the school of thought that says analyzing great business leaders may lead to my own success, I considered this book a must. As you should already know, Sandy Weill is the current the CEO of Citigroup and formerly the CEO of Travelers. His peer at Citibank was John Reed, who was subsequently ousted. The conflict between the two is in itself an interesting story. The book contrasts the two, by suggesting Weill is bottom-line-focused while Reed was a long range thinker focused on the future of the industry and implications of technology.There were a handful of interesting side stories, such as a Sandy's wife's psychiatrist using information gleaned from her treatment sessions to trade stock ahead of Citigroup activities. Others include Sandy's experiences at previous employers as he climbed the corporate ladder.In short, the book is entertaining. However, there are no amazing themes or profound ideas the reader can repurpose elsewhere.

I love and admire sandy weill.i purchased this book to learn more about the man and his deal making prowess.although this book was well research,its presentation was what turned me off.i have never read a book so disjointed and dull.it doesnt follow the conventional chronological sequence that most biographies does but skips back and forth from one event to another i.e 60's-to-the-80's-to-the-70's-to 60's again...this goes on and on and on.this can be very very very frustrating.Also i dont think the authors did a good job in capturing the readers since the paragraphs come and go in that fasion throughout the entire book!All who follow sandy weill's career knows his excellent ex-protege, jamie dimon.I would loved to learn more on Mr Dimon (curently President and COO of J.P Morgan Chase & Co) and i hope there will be a book on him in the future.All in all, sandy weill is one hell of a guy who has done tremendous things in the financial sector.but if you really want to read a book which is more entertaining (or way better) than this book,then you should read "Tearing Down the Walls:How Sandy Weill fought his way to the top of the financial world...and then nearly lost it all" by Monica Langley.The book by monica langley is way way better and enjoyable.You'll also learn more about Jamie Dimon!!In conclusion,dont buy this book but the one by Monica Langley.....

I liked the way Stone and Brewster broke the book into small, interesting chapters. It made for an easy read. I felt like I had a good sense of Weill's character and business style by the end of the book. The only criticism I would make is that the book seemed like an "authorized" biography in that it was overly flattering of Weill at times - like commending him for his restraint in only having three large mansions. Also, like all biographies written during the person life, there needs to be more chapters for events that take place after the book stops. In spite of that, I recommend the book to anyone who likes good biographies of business leaders.

I've just started reading this book and it is most certainly a good buy. The businesswoman in me loves Weill's ability to recognize value where others fail to see it (don't all the great ones have this unique characteristic?); the future wife in me admires his dedication, love and adoration of his spouse, a true confidante and partner in every sense of the word. I really enjoy reading about powerful men who are not afraid of telling the world how much of an intellectual and mental impact their wives are. More later....

This book captures the very essence of the famous (and infamous)king of Wall Street..Sandy Weill. From his humble beginnings to his staggering success in the world of business and finance, this book leaves no stone unturned in detailing fascinating facts and trivia on both his personal and professional life.This is a must read for any Sandy Weill fan, businessmen and businesswomen alike, or simply a CEO star in the making.Fascinating...once you pick this book up, you won't be able to put it down!

Sandy Weill's story make for a good read. The dealmaker produced much larger, much more efficient and profitable business by successfully merging with one new company after another - all the while swallowing a company larger than his current. After leaving American Express, many would have though his CEO days were over. The story of the building of Citigroup is fascinating. By beginning with a troubled company, he turned it around and began the acquisition game again. When Travellers and Citicorp merged to form Citigroup it was a personal triumph for Sandy. The story in the book ends with Sansy still in charge at Citigroup and leaves the readear wondering the future hold for boy Weill and his company. Those stockholders who tagged along for the ride with Mr. Weill were very well rewarded.

From his humble beginning, Weill has done everything from a runner to a billionaire! Winning the power struggle against Robinson, Dimon, and Reed, makes Weill the king. Now that the US Justice Dept is examining the roles that Citigroup played in Enron, Worldcom and other collapsing companies, the story is not over yet.It is a must read for any CEO!

I can't believe I haven't seen more reviews or information about this book. It is so easy to read and so packed with interesting business anecdotes about Sandy Weill. These reporters did a great job and offer a lot of insight about Weill. This is one of the better books (especially for a business book) that I've ever read.

"King of Capital" is a must read for every investor who wants to learn more about how to be "Wall Street Smart," and how to chose effectively and honestly managed companies. Sandy Weill's clear vision, while not always apparent to those who work with him, becomes very apparent to the readers of this intriguing, reader friendly, and well-researched book by Stone and Brewster. Sandy is smart, competitive, and clean. How he became "King of Captial" should inspire future corporate leaders as they embark on their journeys which will be under closer scrutiny than ever before. However, even if you are not an investor or future CEO, this timely book is packed full of so much information about the deal makers of past few decades, that it makes for thoroughly enjoyable reading for those who desire just to be informed.

King of Capital has credibility at its foundation. Sandy Weil has been on the front lines of American business movers and shakers for four decades, yet most people know little about him. The authors do a great job of outlining his ups and downs, all the while treating Weil with respect and even affection, while not treating him with kid gloves. Weil appears in all his complexity, warts and all, in the context of his business and personal relationships. The authors understand that Weil's accomplishments can be understood only in the context of his ability to build and maintain last relationships. The book is a critical contribution to the literature of American business history of the last 40 years. Don't miss it.

King of Capital is a refreshing departure from the countless biographies that are written for no other purpose than to profit from exposing the personal frailties of the rich and famous. Instead, authors Stone and Brewster provide an inspiring account of how Weill worked his way up from a stock runner on Wall Street to the CEO of Citigroup. The picture of Weill that emerges dispels the notion that he is merely another "Barbarian at the Gate'' who rose to the top by acquiring other companies. Unlike the Wall Street celebrities of the 1980s whose quest for personal gain caused them to look no further than the price of a company's stock, Weill forged his path to success by mastering the mundane details of his brokerage firm's back office operations. The book describes how Weill used this knowledge to acquire and successfully turn around a series of increasingly larger financial institutions that fell into disrepair. Weill's life story also tracks the evolution of the financial services industry and the demise of the Depression-Era banking laws, which prohibited banks from engaging in the securities business. Interestingly, King of Capital notes that Weill had considered as early as 1968 the concept of a financial holding company that sold an array of financial service products. The fact that Weill would go on to orchestrate a merger between Travelers and Citibank 32 years later is a testament to his vision. This book is a must read for any serious observer of the financial services industry.

For a business biography (normally a genre I avoid), this well-reported book is a real pageturner. Packed with insider information and telling details of an amazing story. Don't miss it.

Didn't Sandy buy Nikko Securities? And make it successful, as opposed to Merrill's flop with Yamaichi? I think so, and this episode is omitted from this book.But forgive Stone and Brewster this one error because their book is excellent. It is a simple, straightforward, easily-read history of an extraordinary man's accomplishments.I've watched Sandy through the eyes of the WSJ's reporters over the many years he's been building his legacy and I can quote a few individual soundbites like the one about Nikko, but the whole panorama of Sandy's career only came into focus with this book. A great man, Sandy is, and he makes me proud to be part of the same industry; and I hope in small ways I can imitate him.The authors are obviously fans of Sandy's, which may make them somewhat biased, but so am I.

What Sandy Weill accomplished with Travelers and Citigroup is truly awesome, but reading this book you realize that he made these monumental deals throughout his life. And you meet a lot of characters -- Arthur Carter, Warren Buffett, Robert Rubin. The writers really did their homework when it came to researching this book, including interviews with Weill himself. I definitely learned a lot -- Weill is an inspiration in terms of what he's done in his life in business as well as in his personal and philanthropic efforts.