Citigroup

Citigroup came out of Sandy Weill's roll-up of Commercial Credit, Primerica, Shearson, Travelers and Salomon Brothers, which merged with Citicorp in 1998 in a $70 billion deal that needed the repeal of Glass-Steagall to stand. The combined bank took $45 billion of TARP capital plus a government asset guarantee in 2008 and 2009, and crisis dilution took the share count from about 5.5 billion to 29 billion before a reverse split. Investors read it as the test of whether a financial supermarket delivers cross-selling gains or only complexity and unmanageable risk. Amey Stone and Mike Brewster trace the sequence of acquisitions Weill assembled, and the commissioned Asian history covers the international franchise that Citibank built over a century and still earns from.

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