King of Capital, Part 2

Sandy Weill's years with AmEx: While anything but smooth, he did learn a number of lessons that helped ease the way when he formed Citigroup

Merging Shearson with AmEx in 1981 (see BW Online, "King of Capital, Part 1"), was a professional triumph and a financial windfall for Sandy Weill, but the years at AmEx were some of the most frustrating of his career. He not only struggled within the AmEx bureaucracy, but, by handing over the reigns of Shearson to his young lieutenant, Peter Cohen, he lost his power base. Cohen took the brokerage in a direction that would lead to massive losses.

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