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The Real Deal: My Life in Business and Philanthropy
Shortly after we set up shop, the four of us and our wives convened at Arthur's home on Long Island to celebrate. It was a festive occasion, and we all openly shared our aspirations. To this day, I remember the others stressing over and over their desire to become wealthy. Given that Joanie and I were raising two toddlers and lived nearly hand-to-mouth, the talk was certainly seductive. Still, what I remember most from that dinner was my declaration that the money should be secondary-what mattered more to me was to build a great firm: one that would lead the industry, employ lots of people, endure over many years, and, importantly, command respect.Over the next forty-three years, I never altered my priorities."-from THE REAL DEALThe Sandy Weill story is truly one for the ages. Starting with $30,000 in borrowed cash in 1960, and relying on uncanny entrepreneurial instincts, Sandy created one of the leading securities firms in the U.S. and became one of the best known businessmen in the world. After selling his company to American Express and becoming its president, he experienced a professional setback. Undaunted, he cannily parlayed it into a second career, starting over with a sleepy consumer loan company called Commercial Credit, which over the next seventeen years he transformed into the leading global bank, Citigroup. During this span, Weill as chairman and CEO delivered an astounding 2,600 percent return to investors-better than legendary CEO Jack Welch or investor Warren Buffett during that same period.Yet success is never an easy path, and Weill divulges the highs and lows. His ascent to power has been documented by the media over the years, but never before has Weill revealed the brutally honest and unvarnished side of an astonishing life and career.And Weill goes further, sharing his love of philanthropy, a journey that took him "from a mediocre bass drummer in my high-school marching band to the chairmanship of Carnegie Hall." He brings readers into his personal life, introducing them to his wife, Joan, his daily inspiration, and discussing his relationships with competitors and colleagues alike, including proteges like Peter Cohen and Jamie Dimon. Along the way, he shares the most important lessons he learned in business and in life. From a middle-class Brooklyn childhood to corporate legend, philanthropist, financier, and chairman emeritus of Citigroup Inc., THE REAL DEAL tells a remarkable story-that of a financial superstar who always loved the game more than the gold.
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First published October 1, 2006
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Displaying 1 - 12 of 12 reviews
June 6, 2019
"Picking one's spot in the philanthropic world should be a personal matter; however, I'd recommend some principles for how business leaders might become more engaged. First, it's important to make long-term commitments and accordingly select causes where one's passion will last. Second, one should look for organizations that can benefit from one's business expertise or relationships. Business executives typically excel at setting a vision and getting others to follow; therefore, institutions that are open to change in direction may be particularly fertile ground for involvement. Third, the person who runs the organization should be one who inspires confidence and who is open to strong cooperative partnerships with active board members. Finally, I believe it's essential to concentrate one's efforts on a manageable set of activities in order to maximize impact. Many people make the mistake of spreading themselves too thin in their philanthropic or civic involvements-usually, both they and their chosen institutions suffer as a result." (Sandy Weill, The Real Deal, Page 482)
Forbes indicates that the Author, Sandy Weill, currently has a real time net worth of 1 billion dollars as of this date (Forbes, 2019). He made his money in the financial services industry, and most people know him as the previous CEO of Citigroup, the multinational investment bank and financial services corporation headquartered in New York City.
I first heard of Sandy Weill through another Billionaire book: Alwaleed: Businessman, Billionaire, Prince. This Saudi businessman, investor, philanthropist was one of the largest shareholders in Citigroup. The Author makes mention of this in this book, and a travel he took to Saudi to meet with him.
I believe this book will not be for everyone. It is filled with details of mergers and acquisitions. I found it boring at times because of this, and had to read it in 30 minute bursts once a day at times. At other times, it is filled with some solid management stories of conflicts, power struggles, and decisions that had to be made. It also covered the subprime mortgage crisis of 2007. Of which Citigroup was involved and paid billions of dollars to settle. A major failure in the Author's career.
This book is about a man who really started from nothing; he and his wife were basically living hand-to-mouth, and the Author accidentally got into the securities business, built one of his own of which he and his wife invested their paltry $1000 in savings. The firm then acquired and merged with other businesses, most notably American Express, and then the most lucrative merger of his career: Citicorp, which then became Citigroup.
There were business lessons weaved throughout this book, but if you didn't want to read the whole book, I would recommend that you jump to chapter 20, in which he shares some of his most prevalent life lessons. I would also read the chapter entitled MY LIFE WITH SANDY: A Conversation with Joan Weill (his wife). There were many insights to be gained from his wife that you did not see in his personal account of his life.
Three things I think were the Authors' top abilities were: 1. Decisiveness; 2. Execution; and 3. Management.
This book gives a good picture of how Wall Street works and its inner-workings. How a man started from nothing and went on to create a multi-billion dollar corporation, with pit-falls along the way, became independently wealthy (a billionaire), and then a philanthropist.
Forbes indicates that the Author, Sandy Weill, currently has a real time net worth of 1 billion dollars as of this date (Forbes, 2019). He made his money in the financial services industry, and most people know him as the previous CEO of Citigroup, the multinational investment bank and financial services corporation headquartered in New York City.
I first heard of Sandy Weill through another Billionaire book: Alwaleed: Businessman, Billionaire, Prince. This Saudi businessman, investor, philanthropist was one of the largest shareholders in Citigroup. The Author makes mention of this in this book, and a travel he took to Saudi to meet with him.
I believe this book will not be for everyone. It is filled with details of mergers and acquisitions. I found it boring at times because of this, and had to read it in 30 minute bursts once a day at times. At other times, it is filled with some solid management stories of conflicts, power struggles, and decisions that had to be made. It also covered the subprime mortgage crisis of 2007. Of which Citigroup was involved and paid billions of dollars to settle. A major failure in the Author's career.
This book is about a man who really started from nothing; he and his wife were basically living hand-to-mouth, and the Author accidentally got into the securities business, built one of his own of which he and his wife invested their paltry $1000 in savings. The firm then acquired and merged with other businesses, most notably American Express, and then the most lucrative merger of his career: Citicorp, which then became Citigroup.
There were business lessons weaved throughout this book, but if you didn't want to read the whole book, I would recommend that you jump to chapter 20, in which he shares some of his most prevalent life lessons. I would also read the chapter entitled MY LIFE WITH SANDY: A Conversation with Joan Weill (his wife). There were many insights to be gained from his wife that you did not see in his personal account of his life.
Three things I think were the Authors' top abilities were: 1. Decisiveness; 2. Execution; and 3. Management.
This book gives a good picture of how Wall Street works and its inner-workings. How a man started from nothing and went on to create a multi-billion dollar corporation, with pit-falls along the way, became independently wealthy (a billionaire), and then a philanthropist.
August 21, 2017
This was actually a pretty fascinating autobiography of one of the most powerful executives on Wall Street. Yes, he's the hero of his own narrative, and yes, there are some parts that seem more like justifications for certain actions, but it's still a pretty fascinating read.
Read
March 7, 2025Starting with $30,000 of borrowed capital in 1960, Sandy turned himself into a billionaire.
We sold our company to American Express in 1981 for $1 billion
surfacing problems early
sweeping changes
low enough cost structure so that our company would enjoy a price advantage over its competitors
I had made my way from Bear Stearns to Burnham & Company as a young stockbroker. Commuting into Manhattan each morning to our respective jobs, we talked incessantly of pooling our resources and opening our own business. It was the late 1950s; I was in my mid-twenties
Charles Allen had made a fortune investing in start-up companies and profiting as the companies in which his firm had ownership stakes sold out to the public.
my grades consistently ranked in the top two or three out of a class of thirty-five
I worked for the school newspaper, The Reveille
my father was engaged in his steel importing business operating under the name the American Steel Company. To outward appearances, the business seemed hugely successful as my father lived extravagantly. He drove expensive cars, owned tons of clothes, and took a haircut and manicure weekly.
during another summer, he arranged a job for me in a pocketbook factory doing piecework installing metal fasteners. All my coworkers were hardworking and friendly minorities who I realized were locked into their menial jobs. My father made a point to tell me, “If you don’t do well in school, this is the type of job that will be available to you.
With the help of a private investigator, I found out that he was in Washington, D.C.
I took a commission job selling The Greater New York Industrial Directory and hated it. After selling only one book in ten days, I quit. With nothing better to do, I’d play arcade games in my free time. I recall making up stories each day about how I had passed the time so I wouldn’t lower myself even further in the eyes of Joanie’s parents.
His wife, Marian, soon introduced me to a friend who happened to be a broker at Bear Stearns. Suddenly, I had a job as a runner earning $150 a month. Most of the people with whom I initially worked were on Social Security, and I knew I could do better. I quickly graduated to margin clerk.
The brokerage business was fascinating. I used to spend my lunch break taking in the scene in the “board room,” a large bullpen where the brokers worked. There was a two-sided glass partition. On one side were salespeople and traders while on the other stood the firm’s legendary leader, Cy Lewis, a big man oozing with power who constantly barked out instructions to his traders.
Ever since I crashed a T-33 flight simulator during my summer boot camp experience a year earlier, I had begun to have second thoughts about becoming a pilot
It’s funny how events had conspired to change my destiny: First, my parents’ divorce forced me to graduate late, thus delaying my service obligation, and now, a simple physical exam steered me in an entirely different direction.
During late 1955 and early 1956, I plugged away at my job while studying for my broker’s license at night.
I continued to increase my production and generated $25,000 in gross commissions in 1957, which meant I was bringing home $7,500.
I used to hang out at lunch with analyst-brokers from neighboring Unterberg Towbin and share stock ideas.
old adage on the Street never to confuse brains with a bull market.
I tended to our retail clients. I had 150 to 200 clients at the time. Roger and Peter could tap into family connections, while my clients were just average people I had found by cold-calling or word of mouth. I learned early never to turn anyone down since you never knew where a relationship might lead. A lot of my best accounts came from referrals from small customers.
We sold our company to American Express in 1981 for $1 billion
surfacing problems early
sweeping changes
low enough cost structure so that our company would enjoy a price advantage over its competitors
I had made my way from Bear Stearns to Burnham & Company as a young stockbroker. Commuting into Manhattan each morning to our respective jobs, we talked incessantly of pooling our resources and opening our own business. It was the late 1950s; I was in my mid-twenties
Charles Allen had made a fortune investing in start-up companies and profiting as the companies in which his firm had ownership stakes sold out to the public.
my grades consistently ranked in the top two or three out of a class of thirty-five
I worked for the school newspaper, The Reveille
my father was engaged in his steel importing business operating under the name the American Steel Company. To outward appearances, the business seemed hugely successful as my father lived extravagantly. He drove expensive cars, owned tons of clothes, and took a haircut and manicure weekly.
during another summer, he arranged a job for me in a pocketbook factory doing piecework installing metal fasteners. All my coworkers were hardworking and friendly minorities who I realized were locked into their menial jobs. My father made a point to tell me, “If you don’t do well in school, this is the type of job that will be available to you.
With the help of a private investigator, I found out that he was in Washington, D.C.
I took a commission job selling The Greater New York Industrial Directory and hated it. After selling only one book in ten days, I quit. With nothing better to do, I’d play arcade games in my free time. I recall making up stories each day about how I had passed the time so I wouldn’t lower myself even further in the eyes of Joanie’s parents.
His wife, Marian, soon introduced me to a friend who happened to be a broker at Bear Stearns. Suddenly, I had a job as a runner earning $150 a month. Most of the people with whom I initially worked were on Social Security, and I knew I could do better. I quickly graduated to margin clerk.
The brokerage business was fascinating. I used to spend my lunch break taking in the scene in the “board room,” a large bullpen where the brokers worked. There was a two-sided glass partition. On one side were salespeople and traders while on the other stood the firm’s legendary leader, Cy Lewis, a big man oozing with power who constantly barked out instructions to his traders.
Ever since I crashed a T-33 flight simulator during my summer boot camp experience a year earlier, I had begun to have second thoughts about becoming a pilot
It’s funny how events had conspired to change my destiny: First, my parents’ divorce forced me to graduate late, thus delaying my service obligation, and now, a simple physical exam steered me in an entirely different direction.
During late 1955 and early 1956, I plugged away at my job while studying for my broker’s license at night.
I continued to increase my production and generated $25,000 in gross commissions in 1957, which meant I was bringing home $7,500.
I used to hang out at lunch with analyst-brokers from neighboring Unterberg Towbin and share stock ideas.
old adage on the Street never to confuse brains with a bull market.
I tended to our retail clients. I had 150 to 200 clients at the time. Roger and Peter could tap into family connections, while my clients were just average people I had found by cold-calling or word of mouth. I learned early never to turn anyone down since you never knew where a relationship might lead. A lot of my best accounts came from referrals from small customers.
July 18, 2024
Sandy Weill’s larger-than-life personality is vividly portrayed in this book, which compellingly chronicles his tumultuous business journey culminating in the creation of Citigroup. It’s a fascinating read, capturing the high-stakes drama of his career.
However, the book falls short in providing a deeper, behind-the-scenes look at the inner workings of the company. It often feels superficial, offering only a surface-level account of events without delving into the intricate details of what was really happening behind the scenes.
However, the book falls short in providing a deeper, behind-the-scenes look at the inner workings of the company. It often feels superficial, offering only a surface-level account of events without delving into the intricate details of what was really happening behind the scenes.
December 5, 2018
A good book on an obviously very successful man. I liked that they didn't really hold back in being critical on people or deals. Worth a read if you are interested in finance / management / deals.
March 2, 2022
A good overview of the career of Sandy Weill. Would have loved more details of how things happened under the hood. Seemed very superficial.
August 24, 2023
Mentoren til Jamie Dimon. (Best aa lese etter man har lest "Last Man Standing")
December 29, 2012
A self-congratulating collection of ramblings from a king who has been sent to exile by ungrateful underlings. The words me, myself, I and my are the most used ones throughout the book. Any problem that is out there is with someone else.
Read
August 19, 2007Signed: "Sandy Weill"
December 29, 2007
Interesting perspective from Sandy Weill himself who went through a verage of M&As to build Citigroup.
May 10, 2008
Self-centered biography. (Which, I know, is the point of biography, but this one shows no perspective whatsoever.)
April 18, 2011
Great insight into the company with historical context not available from any other source.
Displaying 1 - 12 of 12 reviews