10 Years After Dodd-Frank Speaker Bio
About John S. Reed
John S. Reed began his career at Citicorp in after earning his master’s degree in management from the MIT Sloan School of Management. He remained at the bank for 35 years, being named the Chairman and CEO in During his year tenure at Citi he became known as an innovator; he is credited with raising the bank’s profile in Asia and Latin America, pushing for the worldwide use of automated teller machines (ATMs), and promoting the marketing of credit cards in the United States.
He was also at the helm of Citicorp in when Sandy Weill, head of the insurance and investment firm Travelers Group, approached him about a possible merger between the two companies. The two came to an agreement to create the largest conglomerate ever, Citigroup. The deal was in violation of the Depression-era Glass-Steagall Act, but due in part to Weill’s connections in Washington, legislation was passed the following year making the merger legal. Reed served as co-chair of Citigroup from its creation in until his retirement in He later served as the interim CEO at the New York Stock Exchange, where he established new g
Birth of ATMs: John Reed Describes a Banking Industry Transformation
During his career as head of Citigroup and then the New York Stock Exchange, Reed was a pioneer in fields including introducing computing into the banking industry. After he earned his MIT degrees at the Sloan school, he went to work for Citibank starting as a trainee. In , the bank commissioned a report on the future of the industry. One finding raised the question of what impact computers might have on banking. The Citibank president gave Reed the findings and said, "You went to MIT, surely you understand computers…Read this and take some time and figure out what this means for the banking industry."
Reed, who had only written a few lines of Fortran during his MIT studies, took a year to study the problem, returned to MIT to study with several
What We Do
Reed reviewed this history in an insightful keynote address at an event co-sponsored by Better Markets on the occasion of the 10th anniversary of the Dodd Frank Act on July 21, , which also featured former President Obama and other luminaries. Reed’s remarks are available here.
The repeal of Glass Steagall in ushered in the supersizing of already too-big-to-fail banks like Citigroup and greatly contributed to the global financial crash of , as detailed in this Fact Sheet. Citigroup was at the core of causing and spreading that financial crash. It was the recipient of one of the largest government bailouts in history and was the only major bank not to repay the TARP money it received (see “Wall Street’s Six Biggest Bailed-Out Banks,” Better Markets, April 9, , n. 80 and accompanying text).
After that crash, Reed was the only senior executive of a too-big-to-fail bank to genuinely reflect on the financial crash, its causes, and his role in it. After doing so, he concluded that the arguments for and claimed benefits of repealing Glass Steagall &#; and for the combination of traditional and investment banking &#; lacked merit. More remarkable, he broke the Wall S
Biography - John S. Reed
John S. Reed was born in Chicago in He was raised in Argentina and Brazil. He came to go to college in the United States and graduated from Washington and Jefferson College and the Massachusetts Institute of Technology in under a joint degree program earning a BA and a BS degree. He served as a Lieutenant in the Corp of Engineers, US Army from and then returned to MIT for his MS.
Mr. Reed spent thirty-five years with Citibank/Citicorp and Citigroup, the last sixteen years as Chairman. He retired in April of
Mr. Reed returned to work as Chairman of the New York Stock Exchange from September until April and served as Chairman of the Corporation of MIT from May until October
Mr. Reed is Director of the CaixaBank in Barcelona, Trustee of the Boston Athenaeum and the NBER and a LifeTrustee of the Boston Symphony Orchestra. He is a Fellow of the American Academy of Arts and Sciences and of the American Philosophical Society.
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