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Citigroup Failure Undermines Synergy Claims

Merger that drove GLB passage exposed inherent flaws in bank-insurer combos

When Sanford Weill and John Reed shook hands in the spring of 1998, it supposedly heralded the dawn of the era of financial sector convergence. Nearly eight years later a similar gesture between Robert Benmosche and Charles Prince signified that the idea was one whose time had not yet come.

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