Citigroup Weighs Adding Business Through Acquisitions, WSJ Says
By Todd Zeranski
New York, Feb. 29 (Bloomberg) -- Citigroup Inc. senior
managers have adopted the strategy of General Electric Co.'s Chief
Executive Jack Welch, pushing for businesses where the financial-
services company can achieve and sustain dominance, the Wall
Street Journal reported in its ``Heard on the Street' column,
citing unnamed company officials. Pressure has increased within
the company to expand a consumer banking business largely confined
to greater New York through acquisitions of possible targets
including Bank One Corp., First Union Corp. or Wells Fargo Co.
Spokesmen for Wells Fargo, Bank One and First Union declined to
comment, the paper said.
Citigroup, which couldn't be reached for comment, yesterday
said John S. Reed, 61, would retire as co-chairman and co-chief
executive, leaving Sanford Weill, 66, at the top of the biggest
U.S. financial services company.
(WSJ 2/29 C2) |
