Monday, January 4, 2010

Citi’s Creator, Alone With His Regrets

Interesting read. 

In addition to initially supporting Mr. Prince as C.E.O. — even though Mr. Prince had never run a bank — Mr. Weill also pushed out Jamie Dimon, a well-regarded banker who now runs JPMorgan Chase. And Mr. Weill personally recruited Robert Rubin to Citi after Mr. Rubin stepped down as Treasury secretary. Mr. Rubin, who has since left Citi and declined to comment about his tenure there, has been criticized as failing to help rein in the bank's excesses.

Mr. Weill says he has no regrets about hiring Mr. Rubin and wishes that things with Mr. Dimon had worked out differently.

"The problem was in 1999 he wanted to be C.E.O. and I didn't want to retire," he says of Mr. Dimon. "I regret that it came to that. I don't know what else could have been done except for him to be more patient." A JPMorgan spokesman said Mr. Dimon declined to comment.

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