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• W118663756 abstract "Scott Jones knows the traditions of the past. He also understands the demands of the future. He walks the line between the two at his own bank and will now do the same as he leads the industry At this year's International Monetary Conference, the annual conclave of chieftains from the world's largest banks and central banks, Scott Jones found himself face-to-face with Citicorp CEO John Reed. Jones took the opportunity to ask the big-city banker about some of Citi's human resources policies, which Reed was happy to discuss. Although it didn't come up, there is one point about which the Citicorp leader could have asked Jones for suggestions: how to prepare for being a co-CEO. Reed will soon shift to that status (with Sanford Weill) when the Citicorp/Travelers Group merger takes place. Jones has already had four years' experience with the arrangement at United Community Bancshares, Eagan, Minn. In 1994, the Goodhue County Financial Corp., a one-bank holding company in Red Wing, Minn., merged with Signal Bancshares, Inc., a one-bank holding company of about the same size. Jones headed Goodhue and Galen Pate was CEO of Signal. The two men had been close friends for almost 20 years. They set up United Community Bancshares, with each of them as co-chairman and co-CEO. Jones and Pate, like Reed and Weill, have very different personalities, and some people questioned the arrangement, says Jones, it has worked very well. The reason, he says, can be boiled down to a single word: trust. I'm gone and Galen makes a decision without me, which he has to do sometimes, trust that it's a good decision, and never question it-the same is true with Galen. Jones believes the arrangement could be a model for others, if they meet this criterion: You have to share the same values and you have to believe in the same philosophy of conducting business, which are tightly intertwined. If you don't have that, it's not a good model. Despite being in sync personally, about two years into their dual manager-ship, Jones and Pate modified the setup because there was confusion internally about who was going to chair the board meeting, lead the management meetings, those sort of things. They decided that Jones would be chairman and Pate president. We still co-lead the organization, says Jones, but we've broken down the responsibilities a bit. There is another similarity between $730 million assets United Community Bancshares and the soon to be $740 billion assets Citigroup. Not so much in the combination of banking and insurance--United has not pursued insurance to date--but in their respective leaders' views of what constitutes the future of banking. I believe that Citigroup portends the future of the financial services industry, says Jones. Maybe not in the formal union of two heretofore enemies, he explains, but the whole idea of providing a full range of financial Banks of all sizes will look more like financial services marketplaces with insurance, investments, traditional banking products, and trust services. Many banks have been making moves that way, he says, including his own company, the various pieces need to be more integrated. That will take says Jones. He favors financial modernization legislation, and remained hopeful through late summer that the unacceptable parts of the House-passed bill (H.R. 10) could be changed, and a supportable bill sent to the President. The prospects for that happening, however, were hazy as of mid September. ALL THE FUNDS WE NEED As active as Scott Jones has been on the federal legislative front (two stints on ABA's Government Relations Council--the second time as chairman), his bank has not been standing by waiting for a new law. Goodhue County Bank was the bank that petitioned the Comptroller's Office for permission for all national banks to offer single-premium annuities--which was granted in 1989. …" @default.
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• W118663756 date "1998-10-01" @default.
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• W118663756 title "Not Afraid of Change" @default.
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