Sanford I. Weill, also known as Sandy Weill, was born on 16th March 1933, in New York City, USA, and is a businessman, banker, financier, and philanthropist, probably still best known as a former chairman and CEO of Citigroup from 1998 to 2006. Weill’s career started in 1955.
Have you ever wondered how rich Sandy Weill is, as of late 2016? According to authoritative sources, it has been estimated that Weill’s net worth is as high as $1.1 billion, an amount earned through his successful career as a banker and financier which has spanned over 60 years.
Sanford I. Weill Net Worth $1.1 Billion
Sandy Weill was born the son of Polish Jewish immigrants, Etta Kalika and Max Weill, and grew up in Brooklyn, New York, where he went to the Public School 200 in Bensonhurst. He later studied at the Peekskill Military Academy in, New York, and then went to Cornell University, from where he graduated in 1955 with Bachelor of Arts degree in government.
Shortly after his graduation, in the same year Weill got his first job as a runner for Bear Stearns, then in 1956, he became a licensed broker in the company. In 1960, Weill co-founded Carter, Berlind, Potoma & Weill, together with Arthur L. Carter, Roger Berlind, and Peter Potoma, but two years later, the name was changed to Carter, Berlind & Weill after disciplinary proceedings were sanctioned against Potoma. Then Marshall Cogan and Arthur Levitt joined the firm while Carter left, so in 1968 it was renamed to Cogan, Berlind, Weill & Levitt. In 1979, the firm merged with Loeb, Rhoades, Hornblower & Co to become the second largest company in the security brokerage business. All this time, Weill’s net worth was rising steadily.
Subsequently, in 1981 Weill sold Shearson Loeb Rhoades to American Express for around $930 million in stock, which certainly added a substantial amount to his net worth. He served as a president of American Express Co. in 1983, and as a chairman and CEO of the Fireman’s Fund Insurance Company in 1984. In August 1985, Weill resigned from American Express, then in 1987 he bought Gulf Insurance, and a year later he acquired Primerica for $1.5 billion, while in 1992, Weill bought a 27 percent share of Travelers Insurance for a sum of $722 million. In September 1997, Sandy bought Salomon Inc. for over $9 billion in stock.
In 1998, he completed the merger of Travelers and Citicorp worth $76 billion, and Weill served as a chief executive of Citigroup from 1998 to 2003, and then as a chairman from 1998 to 2006. He has since been semi-retired.
Regarding his personal life, Sandy Weill married Joan Mosher in 1955, and they have a son and a daughter. Sandy and Joan reside in Greenwich, Connecticut.
Weill is a well-known philanthropist, with donations to various institutions such as Cornell’s medical school, the Sonoma State University, the Rambam Medical Center in Haifa, Israel, and the University of California, San Francisco, among others.
