Can it really be true that Sandy Weill, the dynamic chairman and CEO of Citigroup, is thinking about writing an autobiography? Of course this would make a fascinating story and we would all love to read the chapter, which he would have to add, on the resignation of Jack Grubman. But Sandy should be aware that putting pen to paper can occasionally backfire or prove to be unlucky. For proof, look no further than Jack Welch of General Electric, whose desperately dull tome earned him more millions. However, since its publication, GE's share price has dropped like a stone and Neutron Jack's former golden halo has been used for target practice at Coney Island fairground. Of course, there's no connection, but the timing of Jack's book has acted like a curse on the company with which his name became synonymous. While Citigroup is under siege, and even Sandy Weill has had to take his turn on the wall to hold back the barbarians at the gates, perhaps he should devote more time to running the bank. From its peak, the market capitalisation of Citigroup has tumbled by no less than $80bn, which is a large black hole by any standard. Repairing the damage to Citigroup's share price should be Sandy's first priority rather than the drafting of a manuscript. However, if The Life and Times of Sandy Weill does appear in print, we can't wait to read about the early days on Wall Street when there was a firm called Carter Berlind Weill & Levitt. Did the organisation cover itself in glory? No doubt Sandy will reveal all.
August 30, 2002
