John Shepard Reed is the former chairman of the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

. He previously served as chairman and CEO of

Citicorp Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomer ...

, Citibank, and post-merger, Citigroup. He is the past chairman of the

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...

's board of trustees."Corporation Member: John Shepard Reed '61"
MIT Corporation website

Biography

He was born in

Chicago, Illinois (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

, and raised in

Argentina Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, th ...

and

Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

. Reed earned his undergraduate degrees in a 3-2 program from

Washington and Jefferson College Washington & Jefferson College (W&J College or W&J) is a private liberal arts college in Washington, Pennsylvania. The college traces its origin to three log cabin colleges in Washington County established by three Presbyterian missionaries to ...

(W&J) and

(MIT), earning a

B.S. A Bachelor of Science (BS, BSc, SB, or ScB; from the Latin ') is a bachelor's degree awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Science was the University ...

from the

MIT Sloan School of Management The MIT Sloan School of Management (MIT Sloan or Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts. MIT Sloan offers bachelor's, master's, and doctoral degree programs, ...

in 1961. He was also a member of

Lambda Chi Alpha Lambda Chi Alpha (), commonly known as Lambda Chi, is a college fraternity in North America which was founded at Boston University in 1909. It is one of the largest social fraternities in North America, with more than 300,000 lifetime members a ...

fraternity while at W&J and MIT. He served two years in the

U.S. Army The United States Army (USA) is the land service branch of the United States Armed Forces. It is one of the eight U.S. uniformed services, and is designated as the Army of the United States in the U.S. Constitution.Article II, section 2, cl ...

before returning to get his master's degree in management from the

in 1965."John Reed nominated to chair MIT Corporation"
''MIT News'', 12 April 2010 Reed was heavily responsible for pushing for the adoption of the ATM around the US, and led Citicorp through a perilous period in the early 1990s. He was approached by

Sandy Weill Sandy may refer to: People and fictional characters *Sandy (given name), including a list of people and fictional characters * Sandy (surname), a list of people *Sandy (singer), Brazilian singer and actress Sandy Leah Lima (born 1983) *(Sandy) A ...

to merge with

Travelers Group The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through indepen ...

a year before the Gramm-Leach-Bliley Act of 1999 (repealing the Glass–Steagall Act of 1933), allowing banking, insurance and securities companies to merge. The result was Citigroup, where Reed was later ousted in a management shakeup with Weill. Reed's departure was announced in a 28 February 2000 press release. In the aftermath of the November 2008 federal bailout of Citigroup, Reed was described as deeply skeptical of the "Wall Street financial engineering" that led to its collapse and "committed to consumer banking and sound commercial underwriting." Reed was asked to be interim CEO of the

after the

Richard Grasso Richard A. "Dick" Grasso (born July 26, 1946 in Jackson Heights, Queens, New York (state), New York) was chairman and chief executive of the New York Stock Exchange from 1995 to 2003. He started in 1968 when he was hired by the Exchange as a floo ...

over-compensation scandal. He accepted the job for a $1 salary and set up new governance rules as the NYSE became a public corporation. Reed was a member of both the

American Academy of Arts and Sciences The American Academy of Arts and Sciences (abbreviation: AAA&S) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, a ...

and the

American Philosophical Society The American Philosophical Society (APS), founded in 1743 in Philadelphia, is a scholarly organization that promotes knowledge in the sciences and humanities through research, professional meetings, publications, library resources, and communit ...

. Reed was the chairman of the

Corporation A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and ...

(board of trustees) from 2010 through 2014. He was a longtime member of the board of directors of

Altria Group Altria Group, Inc. (previously known as Philip Morris Companies, Inc.) is an American corporation and one of the world's largest producers and marketers of tobacco, cigarettes and related products. It operates worldwide and is headquartered in ...

(and predecessor Phillip Morris Companies) through his retirement in 2008. He became member of the Board of Directors of

CaixaBank CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Madrid and Barcelona, Spain. It is Spain's third-largest lender by market value, ...

in 2011. Parents are Calvin Francis Reed and Virginia Shepard Reed of Toledo,

Ohio Ohio () is a state in the Midwestern region of the United States. Of the fifty U.S. states, it is the 34th-largest by area, and with a population of nearly 11.8 million, is the seventh-most populous and tenth-most densely populated. The sta ...

References

External links

Testimony before Senate Banking Committee
{{DEFAULTSORT:Reed, John S. 1939 births Living people American chief executives of financial services companies MIT Sloan School of Management alumni Businesspeople from Chicago New York Stock Exchange people Washington & Jefferson College alumni Directors of CaixaBank Members of the American Philosophical Society

Biography

References

Further reading

External links