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It's the People Stuff

John Reed, former co-chairman of CitiGroup, the result of the merger between Citicorp and Travelers, observed that

Mergers are hard because you're trying to combine two very distinct and different cultures. Even when the need for change is obvious, when you put the culture together people behave in strange and dysfunctional ways. The Citi people became “children” who line up with me and the Travelers people align with Sandy (Sanford I. Weill, the former CEO of Traveler's Insurance). The most relevant literature to explain all this is the stuff about stepparents and blending of families. I thought we employed well-paid confident adults. That does not seem to be the case.[8]


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