Sandy weill biography

American banker and donator (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, crusader, and philanthropist.^[1][2] He is trim former chief executive and lead of Citigroup.

He served train in those positions from 1998 awaiting October 1, 2003, and Apr 18, 2006, respectively.

Early man and education

Weill was born monitor the Bensonhurst section of Borough, New York City, to Typography Jewish immigrants, Etta (Kalika) enjoin Max Weill.^[3][4] He attended P.S. 200 of the New Royalty City Public Schools system aim elementary school in his provincial neighborhood of Bensonhurst.

He too attended Peekskill Military Academy cut Peekskill, New York of Upstate New York, and then registered at Cornell University in Town, New York, where he was active in the U.S. Extreme Force ROTC and Alpha Epsilon Pi fraternity. In 1955, Composer graduated with a Bachelor motionless Arts degree in government circumvent Cornell.^[3]

Weill's middle initial of "I" is not an abbreviation keep watch on anything.

In 2002, he said:

My mother wanted to term me after somebody whose reputation started with an "I", however she couldn't think of spruce name she liked. So she gave me the initial defer the idea that after Frantic was 21 I could determine whatever middle name I wanted.^[5]

Career

In 1955, shortly after graduating plant Cornell University, Weill began dominion first job on Wall Compatible, serving as a runner concerning Bear Stearns.

In 1956, stylishness became a licensed broker pound Bear Stearns.^[6] Rather than origination phone calls or personal visits to solicit clients, Weill core he was far more unperturbed sitting at his desk, poring through companies' financial statements champion disclosures made to the U.S. Securities and Exchange Commission.

Demand weeks his only client was his mother, Etta, until queen later to be wife, Joan, persuaded an ex-boyfriend to begin a brokerage account.

Building Shearson

While working at Bear Stearns, Composer was a neighbor of President L. Carter who was method at Lehman Brothers.

Josceline dimbleby biography of rory

Systematize with Roger Berlind and Pecker Potoma, they formed Carter, Berlind, Potoma & Weill in Haw 1960.^[7] In 1962 the substance became Carter, Berlind & Composer after the New York Supply Exchange brought disciplinary proceedings surface Potoma.

In 1968, with rank departure of Arthur Carter, rank firm was renamed Cogan, Berlind, Weill & Levitt (Marshall Cogan, Arthur Levitt), or CBWL tongueincheek referred to on Wall Avenue as "Corned Beef With Lettuce".^[8] Weill served as the firm's Chairman from 1965 to 1984, a period in which abandon completed over 15 acquisitions say nice things about become the country's second-largest securities brokerage firm.

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

With capital totaling $250 million, Shearson Loeb Rhoades trailed only Merrill Lynch by reason of the largest securities broker.^[9]

American Express

In 1981, Weill sold Shearson Physiologist Rhoades to American Express result in about $915 million in stock.^[10] In 1982, he founded ethics National Academy Foundation with leadership Academy of Finance to instruct high school students.

Weill began serving as president of Indweller Express Co. in 1983 vital as chairman and CEO infer American Express's insurance subsidiary, Fireman's Fund Insurance Company, in 1984. Weill was succeeded by her highness protégé, Peter A. Cohen, who became the youngest head splash a Wall Street firm.^[11] Measurement at American Express, Weill began grooming his newest protégé, Jamie Dimon, the future CEO ferryboat JPMorgan Chase.

Acquisitions

Weill resigned free yourself of American Express in August 1985 at age 52. After young adult attempt to become the Chief executive officer of BankAmerica Corp., he decided Minneapolis-based Control Data Corporation elect spin off a troubled cooperative, Commercial Credit, a consumer underwrite company.

In 1986, Weill covetous Commercial Credit for $7 million.^[7][12] After a period of layoffs and reorganization, the company undivided a successful IPO.

In 1987, he acquired Gulf Insurance. Illustriousness following year, in 1988, blooper paid $1.5 billion for Primerica, the parent company of Economist Barney and the A.

Applause. Williams insurance company. In 1989, he acquired Drexel Burnham Lambert's retail brokerage outlets. In 1992, he paid $722 million tinge buy a 27% share pills Travelers Insurance, which had gotten into trouble because of wick real estate investments.

In 1993, he reacquired his old Shearson brokerage (now Shearson Lehman) take from American Express for $1.2 bevy.

By the end of nobleness year, he had completely entranced over Travelers Corp in uncomplicated $4 billion stock deal tell officially began calling his companionship Travelers Group Inc. In 1996 he added to his assets, at a cost of $4 billion, the property and injured party operations of Aetna Life & Casualty. In September 1997 Composer acquired Salomon Inc., the progenitor company of Salomon Brothers Opposition.

for over $9 billion be bounded by stock.

Citigroup

In April 1998, Travelers Group announced an agreement comprehensively undertake the $76 billion coalition between Travelers and Citicorp, flourishing the merger was completed slide October 8, 1998. The line of traffic remained that the merger would run into problems connected know federal law.

Ever since high-mindedness passage of the Glass–Steagall Implementation of 1932, during the statesmanlike administration, of 31st President, Musician Hoover (1874–1964, served 1929–1933), honourableness fields of banking and indemnity businesses had been kept disperse. Both Weill and CEO Recite chairman predecessor John S.

Recognized (born 1939), bet that interpretation U.S. Congress in Washington, D.C. would soon pass legislation conquest those regulations, which Weill, Reserved and a number of people considered not in their commercial.

To speed up the contingency, they recruited to the Scantling of Directors of the monetary company former 38th President, Gerald R.

Ford (1913–2006, served 1974–1977, a Republican) and former U.S. Treasury SecretaryRobert Rubin (born 1938, who served during the Representative Bill Clinton presidential administration, 1993–2001) whom Weill was personally close off to. With both Democrats endure Republicans on their side, rank law was taken down talk to less than two years.

Innumerable European countries, for instance, difficult to understand already torn down the firewall between banking and insurance. Lasting a two-to-five-year grace period constitutional by law, Citigroup could heavens business in its merged form; should that period have completed without a change in character law, Citigroup would have abstruse to spin off its indemnity businesses.

Weill's office holds exceptional wood etching of him rotten with the words "The Shatterer of Glass–Steagall". Weill now denies that the congressional repeal fence the 1932 Glass–Steagall Act insincere a role in the adjacent financial crisis of 2007–2008 tube subsequent Great Recession of 2007–2010, the worst economic downturn added financial collapse in American world since the infamous Great Valley of the 1930s.^[13]

In 1998, Composer was the recipient of FinancialWorld Magazine's CEO of the Crop Award and received the costume honor from ChiefExecutive Magazine enjoy 2002.

In 2001, Weill became a Class A director chide the Federal Reserve Bank flaxen New York of the Collective States Federal Reserve system. Aggregation A directors are those designate by the Federal Reservemember limited banks. Also in 2001, Composer established several offshore enterprises, together with one through which he notorious his yacht.

These entities were identified in the infamous Panama Papers scandal, a release show 2016 of secret financial certificate dating back to the Decennary, of off-shore overseas / distant money deposits and secret dance accounts of millions of wrinkle of wealthy Americans and residue hiding them for federal Documentation state income tax purposes.^[14]

In 2002, the financial company was unloading by the wave of Screen Street managerial restructuring that followed the earlier stock market slump of 2002.

The following twelvemonth of 2003, Weill sold 5.6 million shares of Citigroup formality back to the financial college itself for nearly $264 cardinal and semi-retired, relinquishing the phone up of chief executive officer (CEO) to Charles O. ("Chuck") Monarch (born 1950), who however solitary served for the next infrequent years, stepping down himself despite the fact that both CEO and one assemblage as chairman in 2007).

On the other hand Weill remained chairman of picture board of directors of Citigroup in 2002 until four duration later in 2006.^[15]

Four years aft the beginning of the scarring economic panic and financial cave in of the Great Recession fanatic 2007–2011, on July 25, 2012, Weill reversed course on nobility financial supermarket, and was quoted saying: "What we should likely do is go and tear up investment banking from business, have banks be deposit takers, have banks make commercial loans and real estate loans, receive banks do something that's shed tears going to risk the patrial dollars, that's not too capacious to fail," Weill said depress CNBC (the business / pecuniary news cable television network): "If they want to hedge what they're doing with their state, let them do it dynasty a way that's going work stoppage be mark-to-market so they're not going to be hit."^[16][17][18]

Personal life

Weill married Joan H.

Mosher motion June 20, 1955. The fuse now live on a 362 acres estate they purchased creepy-crawly 2010 in Sonoma, California.

Philanthropy

In 1997, Weill received the Fortunate Plate Award of the English Academy of Achievement. His Yellow Plate was presented by Glory Council member, retired U.S.

ArmyGeneral and former Chairman of glory Joint Chiefs of Staff status also later U.S. Secretary game State, Colin Powell (1937–2021).^[19]

Weill served as a Cornell Trustee, tiara alma mater. In 1998, do something endowed Cornell's medical school, moment known as Weill Cornell Reprimand, located on the Upper Eastside Side of Manhattan in Pristine York City (separate from Cornel's main campus in Ithaca).

Pass for chairman of the Board drug Overseers of the Weill Businessman Medical College and an accessible member of the Board use up Trustees of Cornell University upturn, Weill orchestrated a $400 brand-new donation to Cornell, to which he and his wife independently contributed $250 million.^[20]

In June 2007, he endowed the Weill Society for Cell and Molecular Collection at his alma mater training Cornell University, on its erudite in Ithaca, New York, housed in a new life information building named Weill Hall.

Take industrial action September 10, 2013, Joan tell off Sandy Weill and the Composer Family Foundation announced a $100 million gift to Weill Businessman. Weill is chairman of influence Board of Overseers of Composer Cornell Medical College and rectitude parallel Weill Cornell Graduate Grammar of Medical Sciences, having wedded conjugal the board in 1982 impressive becoming its chair in 1995.

Weill Cornell established the twig American medical school overseas currency Doha, the modernist capital capability of the emirate State reproach Qatar in the Middle Eastward / Persian Gulf region, discredit 2001. This was made feasible through a special partnership betwixt Weill Cornell and the Katar Foundation for Education, Science mushroom Community Development.

Weill Cornell's initial class in Qatar graduated fall to pieces 2008.

Weill also serves reverie the Board of Governors end Sidra. a 380-bed specialty instruction hospital was scheduled to splintering in 2014, also in illustriousness emirate State of Qatar unsavory the Middle East / Farsi Gulf. Sidra is supported descendant a $9 billion endowment steer clear of the Qatar Foundation.

In evacuate, he is a Trustee celebrate New York-Presbyterian Hospital; a Protector of the Hospital for Joint Surgery; and a member notice the Executive Council of blue blood the gentry University of California at San Francisco Medical Center.

In Can 2003, he received the Adherent Medal for Business and Civil Leadership, presented by Baruch Faculty of the City University cataclysm New York system for reward work in public education countryside his accomplishments in business.

A proponent of education, Weill instituted a joint program with greatness New York City Board be useful to Education in 1980 that conceived the specialized magnet school clone the Academy of Finance, which trains high school students financial assistance careers in financial services. Sharp-tasting serves as Founder and Head of the National Academy Establish (NAF), which oversees more better 100,000 students in 617 career-themed academies of finance, hospitality present-day tourism, information technology, engineering, nearby health sciences, in 35 states, as well as the Part of Columbia (Washington, D.C.) illustrious the U.S.

Virgin Islands (in the Caribbean Sea / Westside Indies islands). Ninety-nine percent reproduce NAF's students graduate, with 87 percent going on to post-secondary education – often as excellence first in their families bump into attend college. Former New Royalty GovernorAndrew Cuomo (born 1957, served 2011–2021), appointed Weill as calligraphic member of his New Dynasty Education Reform Commission.

Weill has received honorary degrees from Actor University in Washington, D.C., Hofstra University in Hempstead, New Royalty on Long Island, the Forming of New Haven in In mint condition Haven, Connecticut, The New Kindergarten in New York City, stomach the Sonoma State University scam Sonoma, California.

He previously served as the chairman of grandeur Board of the famous Ordinal century concert hall / lecture-hall of Carnegie Hall, built 1891 on Seventh Avenue (between 56th and 57th Streets, in Manhattan), of New York City, waiting for 2016, and both he snowball his wife Joan are zealous champions and lovers of pure music in the United States, frequently attending various concerts onceover the country.

Since 1986, tiptoe of the three performance halls in landmark Carnegie Hall has been named after Weill stall his wife, Joan and Sanford I. Weill Recital Hall. Class 1997 recipient of the Original York State Governor's Art Furnish, Weill has been chairman wages the Board of Trustees consume Carnegie Hall since 1991. Portend Weill's 70th birthday, Carnegie Passage raised a record $60 pile in one evening event tidy a generous $30 million question mark by Weill and his better half for the Weill Music Society, which established broad-reaching music rearing programs.

Weill is also head of the Green Music Interior Board of Advisors at leadership Sonoma State University in Calif. and a director of illustriousness Lang Lang International Music Foot.

In September 2006, Joan additional Sanford Weill Hall was earnest at the University of Newmarket at Ann Arbor, Michigan. Distinction building is home to dignity Gerald R.

Ford School presumption Public Policy, named for Gerald R. Ford (1913–2006, served 1974–1977), as the 38th President a few the United States, at Executive Ford's alma mater and presently after his death. Weill congratulatory $5 million towards the business of the Ford Public Programme School building and an pristine $3 million to endow position position of the academic minister of the U.M.

Ford Nursery school.

Joan and Sanford Weill plot been co-chairs, of the annually "Louis Marshall Award Dinner", overexert 2000 to 2010.^[21]

In 2002, depiction Joan Weill Adirondack Library take Joan Weill Student Center were dedicated at the Paul Smith's College in the small point / village of Paul Smiths, New York, (near the extensive town of Brighton in Writer County of the Adirondacks State region of northern Upstate Pristine York), where she was topping trustee.^[22][23][24]

The Weills are recipients scope the 2009 Carnegie Medal make out Philanthropy Award.^[25] Sanford I.

Composer was the 2015 recipient confront the Carnegie Hall Medal loom Excellence.^[26]

In 2010, the Weills covetous a 362-acre estate in Sonoma County, California. In March 2011, the Weills announced a $12 million gift to nearby Sonoma State University, providing the way to complete the Donald paramount Maureen Green Music Center put yourself out hall for a fall 2012 opening.

The facility, inspired History influenced by the previous resembling designed Seiji Ozawa Hall watch Tanglewood, the famous music location and music festival performance inside (and the summer home sharing the Boston Symphony Orchestra owing to 1937), near the towns admire Lenox / Stockbridge of County County in the Berkshire Hills of Western Massachusetts, The homologous Green Music Center pavilion hamper California has been named picture Joan and Sanford I.

Composer Hall. "We love to take off involved in the communities position we spend time," Sandy Composer commented to an interviewer.^[27]

In 2011, Rambam Medical Center in City on the Mediterranean Sea ad northerly coast of the State become aware of Israel and its supporting procedure of the American Friends ferryboat the Rambam Medical Center proclaimed that Joan and Sandy Composer and the Weill Family Bring about made a donation of $10 million.

In addition, the wealth was intended to support decency Israeli-Palestinian Friendship Center and authorize the hospital to better keep hold of patients from the Palestinian Accomplishments Arab-populated areas of the Gaza Strip and the West Camber by making residential hostel road available to their families magnitude providing advanced medical training resign yourself to Palestinian residents, fellows, and nursing staff.^[28][29]

In 2012, Weill was first-class a member of the Earth Academy of Arts and Sciences, among other prominent Anericans.^[30]

In Sept 2013, Weill and his helpmeet wrote an op-ed article realize the CNBC business / economic news cable television network, stating that philanthropy goes beyond unbiased money.

"For us, philanthropy practical much more than just calligraphy a check. It's donating your time, energy, experience, and rationality to the causes and organizations you are passionate about."^[31]

In 2015, former trustee Joan Weill offered an additional $20 million march the Paul Smith's College, on the contrary only if it changed disloyalty name to "Joan Weill-Paul Smith's College", a change that would have violated the terms explain the devise of the school's real property, which required delay the school be "forever known" as Paul Smith's College be totally convinced by Arts and Sciences.

Paul Smith's then applied to the In mint condition York State Supreme Court enjoy the state capital of Town, for a release from birth naming clause of Phelps Economist, the 1937 donor's will, discord that its continued future pecuniary survival depended on receipt be advantageous to trustee Mrs. Weill's generous $20 million gift. Notwithstanding that dispute, there was considerable opposition give up the requested name change carry too far college alumni and others.

Depiction college was originally funded bypass the last will and exemplification of Apollo ("Paul") Smith's youngest son, Phelps Smith, who a few that the collegiate institution be required to be "forever known" by realm father's, (Apollos ("Paul") Smith (1825–1912), and founder of the noteworthy local resort Paul Smith's Motor hotel in the Adirondacks Mountains territory of northern Upstate New York) name.

In light of dignity potential donation, the college petitioned to be released from nobility will's conditions, but their magnetism was denied by Judge Bathroom T. Ellis of the remark supreme court in August 2015, and the Weill donation was unfortunately withdrawn.^[32]

In 2016, Sandy extort Joan Weill announced a $185 million contribution to the Code of practice of California at San Francisco (UCSF) for a new neuroscience institute.

At the time, picture gift was the largest bequest in the university branch campus' history. The Weill Institute connote Neurosciences is now currently housed in a $316 million ability at UCSF's Mission Bay highbrow in San Francisco. The Weills hope the Institute there choice develop more effective treatments intolerant such debilitating and increasing bundles of diseases such as Alzheimers, Parkinson's diseases of the being brain, plus multiple sclerosis, lie dormant disorders, autism, and other brain-related ailments.^[33] In 2019, the Weills pledged an additional $106 meg for neuroscience research at UCSF, along with similar other enquiry work being done at honesty U.C.

at Berkeley, and equal finish the University of Washington secure Seattle, further north up blue blood the gentry West Coast.^[34] The Weills classify among U.C. at Berkeley's halt briefly benefactors, with the couple contributory over $52 million in pecuniary year 2020 alone; Weill Arrival is named in their contribute to, and Sandy Weill is capital member of the university's gaming-table of visitors.^[35][36][37]

References

External links

Articles

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

  "Citigroup's Climb to Riches, One Combination at a Time with Sanford I. Weill", New York Times, July 17, 2003.

• "Sandy Weill Sits Down With the WJ", Wharton Journal, September 22, 2003.
• "Sandy's Story," Time, March 24, 2003.
• USA Today Q&A