The Winner and New Chairman Is...

After a four-year competition, Citicorp taps Reed for the top spot

In banking circles, the naming of a new chairman at Citicorp is like a coronation or a papal election. For years, speculation has mounted about the heir to Walter Wriston, 64, who retires in August as head of the largest (assets: $142 billion) private banking institution in the world. After a Citicorp board meeting last week, a bulletin was flashed to the company's 2,789 offices around the globe, and the suspense was over. The new chief: John S. Reed, 45, the brash and brainy young executive who led Citicorp's charge into...

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