Cogan Berlind Weill Levitt History and Impact

Cogan, Berlind, Weill & Levitt was a leading investment banking firm that played a significant role in shaping the financial industry.

Founded in 1971, the firm was established by a group of seasoned investment bankers who wanted to create a more personalized and client-focused approach to investment banking.

The firm's early success was largely due to its ability to advise clients on strategic acquisitions, which helped to drive growth and profitability.

One notable example of the firm's expertise was its role in advising the Pillsbury Company on its acquisition of Burger King in 1978.

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Sanford Weill's career was marked by a string of acquisitions that launched him into the world of deal-making.

In 1970, Weill's firm CBWL purchased Hayden Stone, a 100-year-old brokerage firm, just hours before it was to be dissolved for insolvency.

Weill demonstrated his negotiating skills in the Hayden Stone deal, which became the prototype for his future acquisition strategies.

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He purchased a firm 10 times his size, adopting its brand name and slashing costs, and the company prospered under his leadership.

Weill's firm doubled in size after the 1974 purchase of Shearson Hamill and doubled again when Shearson Hayden Stone purchased Loeb Rhoades in 1979.

In 1981, Weill sold Shearson to American Express, becoming a multimillionaire and joining the American Express management team.

Weill's next major move was becoming CEO of troubled Commercial Credit in 1986, which he turned around over the next 12 years.

He then used Commercial Credit as the foundation to build a huge financial conglomerate, acquiring Primerica, owner of Smith Barney, and buying back Shearson from American Express.

The final piece of the puzzle was the merger of Citicorp and Travelers, a $70 billion deal that dwarfed any other deal in history.

Weill's negotiating skill, political savvy, and determination made the merger possible, despite being in clear violation of federal securities law.

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CBWL, the small brokerage firm that launched Sanford Weill's career, was founded by Marshall Cogan, Roger Berlind, Weill, and Arthur Levitt Jr.

The partners in CBWL drew lots to determine the order in which their surnames would be listed.

Weill was the most skeptical about the Hayden Stone merger, but his negotiating skills impressed everyone, earning him the nickname "King of the Deal" years later.

CBWL purchased Hayden Stone, a 100-year-old firm on the brink of insolvency, and turned it into an acquisition machine.

The Hayden Stone deal became the prototype for Weill's future mergers: buy a struggling company with a prestigious name on the cheap, adopt its brand name, and slash costs.

Weill's fine-tuned operation enabled him to seize opportunities while larger companies struggled or failed during the toughest times in the securities industry.

CBWL doubled in size after the 1974 purchase of Shearson Hamill and doubled again when Shearson Hayden Stone purchased Loeb Rhoades in 1979.

Weill's biography is a fascinating story of an extraordinary man daring greatly and scaling increasing heights.

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