[UK] Travelers Group

Travelers Group was originally a life and property insurance company. Later, it acquired Smith Barney, an American investment bank. The business scope has been expanded to investment banking, commercial credit, financing services and other fields.

In 1986, after leaving American Express, when Jamie Dimon and Sandy Weill founded Commercial Credit Company, they positioned the company as "(serving) those who go to McDonald's to buy hamburgers" "Customers)", changing the service target of the banking industry from producers (corporate customers) to consumers (individual customers), changing the banking service concept represented by JP Morgan.

In 1987, the company was acquired and renamed Primerica Corporation.

In 1993, it acquired The Travelers Corporation and changed its name to Travelers Group.

In 1997, the company merged with Salomon Brothers, the fifth largest investment bank in the United States, for US$9 billion. The newly formed Salomon Smith Barney became the third largest investment bank in the United States. Two major investment banks.

In 1998, the merger of Citibank and Travelers Group was the largest corporate merger in the history of the United States. The new company formed after the merger became "Citigroup", and its trademark was the red umbrella of Travelers Group. After the merger, Citigroup's total assets reached US$700 billion, net income was US$50 billion, and operating income was US$75 billion. Through its merger with Travelers Group, Citigroup became one of the world's largest all-round financial group companies. After its listing, Citigroup used new shares to raise funds for stock market acquisitions, or directional equity swaps and other methods to conduct large-scale equity operations and Expand and conduct Citi-style strategic output and global business integration of acquired companies, becoming the first financial group in the United States to integrate commercial banking, investment banking, insurance, mutual funds, securities trading and many other financial services businesses , jumping from 58th in the Fortune Global 500 in 1997 to 16th in 1998.

Due to difficulties in integrating internal resources and cultural conflicts, large comprehensive financial groups formed through mergers and acquisitions have not shown much synergy, except for their effectiveness in diversifying asset allocation to resist risks. effect. The merger between Citibank and Travelers Group ultimately failed.