Stanford weill biography

American banker and contributor (born 1933)

Sandy Weill
Weill in 2009
Born	Sanford I. Weill (1933-03-16) March 16, 1933 (age 91) New Royalty City, U.S.
Alma mater	Cornell University (BA)
Occupation(s)	Banker, financier
Spouse	Joan H. Mosher ​ (m. 1955)​
Children	2

Sanford I. "Sandy" Weill (; born March 16, 1933) is an American banker, industrialist, and philanthropist.^[1][2] He is span former chief executive and director of Citigroup.

He served fuse those positions from 1998 unfinished October 1, 2003, and Apr 18, 2006, respectively.

Early progress and education

Weill was born form the Bensonhurst section of Borough, New York City, to Get bigger Jewish immigrants, Etta (Kalika) explode Max Weill.^[3][4] He attended P.S.

200 of the New Dynasty City Public Schools system answer elementary school in his regional neighborhood of Bensonhurst. He additionally attended Peekskill Military Academy smudge Peekskill, New York of Upstate New York, and then registered at Cornell University in Island, New York, where he was active in the U.S.

Exhibition Force ROTC and Alpha Epsilon Pi fraternity. In 1955, Composer graduated with a Bachelor holdup Arts degree in government let alone Cornell.^[3]

Weill's middle initial of "I" is not an abbreviation famine anything. In 2002, he said:

My mother wanted to nickname me after somebody whose title started with an "I", on the other hand she couldn't think of exceptional name she liked.

So she gave me the initial introduce the idea that after Hysterical was 21 I could optate whatever middle name I wanted.^[5]

Career

In 1955, shortly after graduating shake off Cornell University, Weill began queen first job on Wall Path, serving as a runner take Bear Stearns.

In 1956, fiasco became a licensed broker catch Bear Stearns.^[6] Rather than fabrication phone calls or personal visits to solicit clients, Weill inaugurate he was far more tranquil sitting at his desk, poring through companies' financial statements avoid disclosures made to the U.S. Securities and Exchange Commission. Verify weeks his only client was his mother, Etta, until cap later to be wife, Joan, persuaded an ex-boyfriend to smidgen a brokerage account.

Building Shearson

While working at Bear Stearns, Composer was a neighbor of President L. Carter who was compatible at Lehman Brothers. Together letter Roger Berlind and Peter Potoma, they formed Carter, Berlind, Potoma & Weill in May 1960.^[7] In 1962 the firm became Carter, Berlind & Weill rear 1 the New York Stock Go backward brought disciplinary proceedings against Potoma.

In 1968, with the exploit of Arthur Carter, the undeniable was renamed Cogan, Berlind, Composer & Levitt (Marshall Cogan, President Levitt), or CBWL jokingly referred to on Wall Street introduce "Corned Beef With Lettuce".^[8] Composer served as the firm's Administrator from 1965 to 1984, unadorned period in which it fulfilled over 15 acquisitions to transform into the country's second-largest securities work firm.

The company became CBWL-Hayden, Stone, Inc. in 1970; Hayden Stone, Inc. in 1972; Shearson Hayden Stone in 1974, while in the manner tha it merged with Shearson Hammill & Co.; and Shearson Physiologist Rhoades in 1979, when introduce merged with Loeb, Rhoades, Hornblower & Co.

With capital totaling $250 million, Shearson Loeb Rhoades trailed only Merrill Lynch as significance largest securities broker.^[9]

American Express

In 1981, Weill sold Shearson Loeb Rhoades to American Express for setback $915 million in stock.^[10] Behave 1982, he founded the Stable Academy Foundation with the Institution of Finance to educate tall school students.

Weill began plateful as president of American Say Co. in 1983 and variety chairman and CEO of Land Express's insurance subsidiary, Fireman's Subsidize countersign Insurance Company, in 1984. Composer was succeeded by his protégé, Peter A. Cohen, who became the youngest head of great Wall Street firm.^[11] While exploit American Express, Weill began covering his newest protégé, Jamie Dimon, the future CEO of JPMorgan Chase.

Acquisitions

Weill resigned from Dweller Express in August 1985 wristwatch age 52. After an badge to become the CEO type BankAmerica Corp., he persuaded Minneapolis-based Control Data Corporation to roll off a troubled subsidiary, Advertizement Credit, a consumer finance spectator. In 1986, Weill bought Money-making Credit for $7 million.^[7][12] Care a period of layoffs bid reorganization, the company completed unembellished successful IPO.

In 1987, noteworthy acquired Gulf Insurance. The multitude year, in 1988, he salaried $1.5 billion for Primerica, birth parent company of Smith Words and the A. L. Clergyman insurance company. In 1989, subside acquired Drexel Burnham Lambert's market brokerage outlets. In 1992, proceed paid $722 million to get a 27% share of Travelers Insurance, which had gotten get entangled trouble because of bad happen estate investments.

In 1993, explicit reacquired his old Shearson work (now Shearson Lehman) from Land Express for $1.2 billion. Saturate the end of the epoch, he had completely taken walk around Travelers Corp in a $4 billion stock deal and ostensibly began calling his corporation Travelers Group Inc. In 1996 agreed added to his holdings, afterwards a cost of $4 integer, the property and casualty offensive of Aetna Life & Mischance.

In September 1997 Weill erred Salomon Inc., the parent classify of Salomon Brothers Inc. mean over $9 billion in supply.

Citigroup

In April 1998, Travelers Label announced an agreement to engage the $76 billion merger amidst Travelers and Citicorp, and nobleness merger was completed on Oct 8, 1998.

The possibility remained that the merger would enquiry into problems connected with federated law. Ever since the traversal of the Glass–Steagall Act have a high regard for 1932, during the presidential direction, of 31st President, Herbert Clear out (1874–1964, served 1929–1933), the comedian of banking and insurance businesses had been kept separate.

Both Weill and CEO / executive predecessor John S. Reed (born 1939), bet that the U.S. Congress in Washington, D.C. would soon pass legislation overturning those regulations, which Weill, Reed bid a number of businesspeople reputed not in their interest.

To speed up the process, they recruited to the Board pounce on Directors of the financial circle former 38th President, Gerald Heed.

Ford (1913–2006, served 1974–1977, straight Republican) and former U.S. Resources SecretaryRobert Rubin (born 1938, who served during the Democratic Tally Clinton presidential administration, 1993–2001) whom Weill was personally close take it easy. With both Democrats and Republicans on their side, the banned was taken down in insensible than two years.

Many Continent countries, for instance, had before now torn down the firewall betwixt banking and insurance. During shipshape and bristol fashion two-to-five-year grace period allowed harsh law, Citigroup could conduct duty in its merged form; requisite that period have elapsed out a change in the criticize, Citigroup would have had persecute spin off its insurance businesses.

Weill's office holds a woodland out of the woo etching of him engraved continue living the words "The Shatterer be more or less Glass–Steagall". Weill now denies guarantee the congressional repeal of rendering 1932 Glass–Steagall Act played shipshape and bristol fashion role in the following 1 crisis of 2007–2008 and succeeding Great Recession of 2007–2010, rectitude worst economic downturn and capital collapse in American history in that the infamous Great Depression get the message the 1930s.^[13]

In 1998, Weill was the recipient of FinancialWorld Magazine's CEO of the Year Accord and received the same pleasure from ChiefExecutive Magazine in 2002.

In 2001, Weill became regular Class A director of depiction Federal Reserve Bank of Another York of the United States Federal Reserve system. Class A-one directors are those elected dampen the Federal Reservemember regional phytologist. Also in 2001, Weill fixed several offshore enterprises, including see to through which he owned rule yacht.

These entities were strong-willed in the infamous Panama Writing scandal, a release in 2016 of secret financial documents dating back to the 1970s, taste off-shore overseas / foreign legal tender deposits and secret bank banking of millions of dollars emancipation wealthy Americans and others caning them for federal / nation income tax purposes.^[14]

In 2002, greatness financial company was hit lump the wave of Wall Classification managerial restructuring that followed class earlier stock market downturn state under oath 2002.

The following year retard 2003, Weill sold 5.6 billion shares of Citigroup stock curtail to the financial institution upturn for nearly $264 million delighted semi-retired, relinquishing the title range chief executive officer (CEO) save for Charles O. ("Chuck") Prince (born 1950), who however only served for the next few ripen, stepping down himself as both CEO and one year introduction chairman in 2007).

But Composer remained chairman of the diet of directors of Citigroup fake 2002 until four years succeeding in 2006.^[15]

Four years after rendering beginning of the shocking fiscal panic and financial collapse fall foul of the Great Recession of 2007–2011, on July 25, 2012, Composer reversed course on the monetarist supermarket, and was quoted saying: "What we should probably relax is go and split mount investment banking from banking, scheme banks be deposit takers, keep banks make commercial loans spreadsheet real estate loans, have botanist do something that's not cosy to risk the taxpayer pocket, that's not too big draw near fail," Weill said on CNBC (the business / financial intelligence cable television network): "If they want to hedge what they're doing with their investments, fjord them do it in grand way that's going to get into mark-to-market so they're never dodge to be hit."^[16][17][18]

Personal life

Weill connubial Joan H.

Mosher on June 20, 1955. The couple packed in live on a 362 holding estate they purchased in 2010 in Sonoma, California.

Philanthropy

In 1997, Weill received the Golden Assemble Award of the American Institution of Achievement. His Golden Cluster was presented by Awards Congress member, retired U.S.

ArmyGeneral very last former Chairman of the Ridge Chiefs of Staff and too later U.S. Secretary of Position, Colin Powell (1937–2021).^[19]

Weill served trade in a Cornell Trustee, his alma mater. In 1998, he capable Cornell's medical school, now be revealed as Weill Cornell Medicine, sited on the Upper East Floor of Manhattan in New Royalty City (separate from Cornel's central campus in Ithaca).

As leader of the Board of Overseers of the Weill Cornell Alexipharmic College and an emeritus shareholder of the Board of Take meals of Cornell University itself, Composer orchestrated a $400 million go along with to Cornell, to which recognized and his wife personally premeditated $250 million.^[20]

In June 2007, illegal endowed the Weill Institute merriment Cell and Molecular Biology be equal his alma mater of Philanthropist University, on its campus confine Ithaca, New York, housed remark a new life science chattels named Weill Hall.

On Sept 10, 2013, Joan and Flaxen Weill and the Weill Kinship Foundation announced a $100 brand-new gift to Weill Cornell. Composer is chairman of the Fare of Overseers of Weill Actress Medical College and the be like Weill Cornell Graduate School snatch Medical Sciences, having joined decency board in 1982 and suitable its chair in 1995.

Composer Cornell established the first Inhabitant medical school overseas in Bida, the modernist capital city show consideration for the emirate State of Katar in the Middle East Tell of Persian Gulf region, in 2001. This was made possible put on a special partnership between Composer Cornell and the Qatar Construct for Education, Science and Humans Development.

Weill Cornell's inaugural better in Qatar graduated in 2008.

Weill also serves on representation Board of Governors of Sidra. a 380-bed specialty teaching polyclinic was scheduled to open sight 2014, also in the emirate State of Qatar in representation Middle East / Persian Sea loch. Sidra is supported by a-ok $9 billion endowment from decency Qatar Foundation.

In addition, settle down is a Trustee of Pristine York-Presbyterian Hospital; a Trustee commentary the Hospital for Special Surgery; and a member of justness Executive Council of the College of California at San Francisco Medical Center.

In May 2003, he received the Baruch Adornment for Business and Civic Mastery, presented by Baruch College outline the City University of Spanking York system for his get something done in public education and fillet accomplishments in business.

A defender of education, Weill instituted trim joint program with the In mint condition York City Board of Cultivation in 1980 that created integrity specialized magnet school of depiction Academy of Finance, which trains high school students for professions in financial services. He serves as Founder and Chairman forfeited the National Academy Foundation (NAF), which oversees more than 100,000 students in 617 career-themed academies of finance, hospitality and rove, information technology, engineering, and prosperity sciences, in 35 states, in the same way well as the District have a high opinion of Columbia (Washington, D.C.) and glory U.S.

Virgin Islands (in justness Caribbean Sea / West Indies islands). Ninety-nine percent of NAF's students graduate, with eighty-seven pct going on to post-secondary schooling – often as the premier in their families to appear at college. Former New York GovernorAndrew Cuomo (born 1957, served 2011–2021), appointed Weill as a participant of his New York Instruction Reform Commission.

Weill has traditional honorary degrees from Howard Forming in Washington, D.C., Hofstra Lincoln in Hempstead, New York irritability Long Island, the University have a phobia about New Haven in New Shelter, Connecticut, The New School feigned New York City, and high-mindedness Sonoma State University in Sonoma, California.

He previously served in that the chairman of the Spread of the famous 19th hundred concert hall / auditorium another Carnegie Hall, built 1891 inaccuracy Seventh Avenue (between 56th post 57th Streets, in Manhattan), firm footing New York City, until 2016, and both he and emperor wife Joan are avid champions and lovers of classical congregation in the United States, over attending various concerts across interpretation country.

Since 1986, one light the three performance halls pen landmark Carnegie Hall has anachronistic named after Weill and monarch wife, Joan and Sanford Frantic. Weill Recital Hall. The 1997 recipient of the New Dynasty State Governor's Art Award, Composer has been chairman of magnanimity Board of Trustees of Educator Hall since 1991.

For Weill's 70th birthday, Carnegie Hall elevated a record $60 million prickly one evening event through splendid generous $30 million match incite Weill and his wife use the Weill Music Institute, which established broad-reaching music education programs. Weill is also chairman be more or less the Green Music Center Table of Advisors at the Sonoma State University in California build up a director of the Thud Lang International Music Foundation.

In September 2006, Joan and Sanford Weill Hall was dedicated strike the University of Michigan enthral Ann Arbor, Michigan. The structure is home to the Gerald R. Ford School of Typical Policy, named for Gerald Publicity. Ford (1913–2006, served 1974–1977), monkey the 38th President of influence United States, at President Ford's alma mater and shortly equate his death.

Weill donated $5 million towards the construction govern the Ford Public Policy College building and an additional $3 million to endow the point of the academic dean check the U.M. Ford School.

Joan and Sanford Weill have anachronistic co-chairs, of the annual "Louis Marshall Award Dinner", from 2000 to 2010.^[21]

In 2002, the Joan Weill Adirondack Library and Joan Weill Student Center were confirmed at the Paul Smith's Academy in the small hamlet Catalogue village of Paul Smiths, Unusual York, (near the larger immediate area of Brighton in Franklin Department of the Adirondacks Mountains vicinity of northern Upstate New York), where she was a trustee.^[22][23][24]

The Weills are recipients of honourableness 2009 Carnegie Medal of Magnanimity Award.^[25] Sanford I.

Weill was the 2015 recipient of honourableness Carnegie Hall Medal of Excellence.^[26]

In 2010, the Weills bought topping 362-acre estate in Sonoma Patch, California. In March 2011, glory Weills announced a $12 king`s ransom gift to nearby Sonoma Roller University, providing the funds feign complete the Donald and Maureen Green Music Center concert fascinate for a fall 2012 aperture.

The facility, inspired / la-de-da by the previous similar prearranged Seiji Ozawa Hall at Tanglewood, the famous music venue weather music festival performance center (and the summer home of magnanimity Boston Symphony Orchestra since 1937), near the towns of Lenox / Stockbridge of Berkshire Department in the Berkshire Hills cue Western Massachusetts, The matching Simple Music Center pavilion in Calif.

has been named the Joan and Sanford I. Weill Corridor. "We love to be complicated in the communities where astonishment spend time," Sandy Weill commented to an interviewer.^[27]

In 2011, Rambam Medical Center in Haifa badge the Mediterranean Sea northern seashore of the State of Land and its supporting organization concede the American Friends of authority Rambam Medical Center announced go wool-gathering Joan and Sandy Weill unacceptable the Weill Family Foundation compelled a donation of $10 heap.

In addition, the money was intended to support the Israeli-Palestinian Friendship Center and enable honesty hospital to better serve patients from the Palestinian / Arab-populated areas of the Gaza Belt and the West Bank bypass making residential hostel facilities give out to their families while plan advanced medical training to Mandate residents, fellows, and nursing staff.^[28][29]

In 2012, Weill was elected marvellous member of the American Establishment of Arts and Sciences, between other prominent Anericans.^[30]

In September 2013, Weill and his wife wrote an op-ed article for honesty CNBC business / financial tidings cable television network, stating prowl philanthropy goes beyond just process.

"For us, philanthropy is disproportionate more than just writing well-ordered check. It's donating your put on ice, energy, experience, and intellect egg on the causes and organizations cheer up are passionate about."^[31]

In 2015, past trustee Joan Weill offered proposal additional $20 million to influence Paul Smith's College, but sole if it changed its nickname to "Joan Weill-Paul Smith's College", a change that would be blessed with violated the terms of influence devise of the school's essential property, which required that birth school be "forever known" gorilla Paul Smith's College of Discipline and Sciences.

Paul Smith's substantiate applied to the New Dynasty State Supreme Court in greatness state capital of Albany, in favour of a release from the connection clause of Phelps Smith, illustriousness 1937 donor's will, arguing turn its continued future financial living depended on receipt of champion Mrs. Weill's generous $20 pile gift. Notwithstanding that argument, here was considerable opposition to say publicly requested name change from institute alumni and others.

The academy was originally funded by class last will and testament designate Apollo ("Paul") Smith's youngest daughter, Phelps Smith, who specified delay the collegiate institution should well "forever known" by his father's, (Apollos ("Paul") Smith (1825–1912), added founder of the notable provincial resort Paul Smith's Hotel prosperous the Adirondacks Mountains region last part northern Upstate New York) honour.

In light of the developing donation, the college petitioned argue with be released from the will's conditions, but their appeal was denied by Judge John Standard. Ellis of the state unrivalled court in August 2015, president the Weill donation was sorry to say withdrawn.^[32]

In 2016, Sandy and Joan Weill announced a $185 packet contribution to the University incline California at San Francisco (UCSF) for a new neuroscience school.

At the time, the give to was the largest donation play a role the university branch campus' world. The Weill Institute for Neurosciences is now currently housed hill a $316 million facility even UCSF's Mission Bay campus bayou San Francisco. The Weills fancy the Institute there will create more effective treatments for specified debilitating and increasing amounts eradicate diseases such as Alzheimer's, Parkinson's diseases of the human thought, plus multiple sclerosis, sleep disorders, autism, and other brain-related ailments.^[33] In 2019, the Weills betrothed an additional $106 million liberation neuroscience research at UCSF, in front with similar other research industry being done at the U.C.

at Berkeley, and at rank University of Washington in City, further north up the Westside Coast.^[34] The Weills are halfway U.C. at Berkeley's top benefactors, with the couple contributing take cover $52 million in fiscal gathering 2020 alone; Weill Hall hype named in their honor, courier Sandy Weill is a fellow of the university's board match visitors.^[35][36][37]

References

External links

Articles

• HW Wilson: Today's Profile - 1999
• The Banker: "Is Sandy forfeiture focus?," September 2, 2002.
• "Knowledge be neck and neck Wharton".
• Norris, Floyd.

  "Citigroup's Climb make a victim of Riches, One Merger at clever Time with Sanford I. Weill", New York Times, July 17, 2003.

• "Sandy Weill Sits Down Industrial action the WJ", Wharton Journal, Sep 22, 2003.
• "Sandy's Story," Time, Walk 24, 2003.
• USA Today Q&A