Chairman's Office, Citi Group
I had come at Dimon's formal invitation.
The place had a chaotic atmosphere, likely due to the ongoing interior renovations.
"Looks like you're aiming for a vibe similar to that of a Fintech bank."
"To change the rotten old atmosphere, you have to start with the interior design, don't you think?"
"With the complete overhaul of the executive team, I suppose the company culture will change quickly too. I didn't expect things to be sorted out this fast."
The pressure from the U.S. government had been immense.
Most of the senior leadership, including Sandy Weill, had left the company, giving up not only their severance packages but also their personal shares.
"The U.S. government really came down hard on us. Just watching from the sidelines gave me chills."
"How's the atmosphere inside Citi Group? With the merger underway and the leadership reshuffled, I imagine the employees must be feeling a bit unsettled."
"There hasn't been much disruption. Quite a few people I know are still around, and some who used to work under me are still here, so surprisingly, the mood has been rather welcoming."
Any other financial firm wouldn't have seen this kind of atmosphere emerge.
But Citi Group had grown to this size largely thanks to Dimon's influence, so there was little turmoil.
The discarded second-in-command had dethroned the first and taken the crown.
It was a classic scenario—one that people found easy to accept.
"How do you feel? Have you let go of that old grudge now?"
"Thank you. Thanks to you, I can finally sleep peacefully at night. I've even stopped seeing my psychiatrist."
"You were getting psychiatric treatment?"
"The psychiatrist told me that the end of revenge is always destruction, and that I should just let it go and move on with my life."
"So, how's that working out?"
"Destruction, my ass! I've never felt this exhilarated in my life. Every day feels amazing—like I've been completely reborn."
In just a few days, Dimon looked years younger.
After all, he had turned a ten-year fantasy into reality. No wonder he felt like he was soaring through the sky.
"Bringing Citi Group back to normal won't be easy. It may be a bit late to say this now, but I honestly hoped you'd acquire Bear Stearns or some other bank instead."
"They just weren't up to my standards. And I'm confident I can turn Citi Group around. We've got plenty of capital gathered from the Fintech bank, and restructuring has always been my specialty."
Dimon was a restructuring expert.
Many subsidiaries of the Taewoo Group had been skillfully broken up and sold off under his guidance.
Even when he worked with Sandy Weill, restructuring had always been his domain. There was no one better than Dimon when it came to corporate turnarounds.
"Sounds like a storm is coming for Citi Group."
"That applies to AIG too, doesn't it? To restore the largest insurance company in the U.S., you'll probably need resignation letters from at least ten thousand people."
"First, we need to finish the acquisition of AIG. Only then can we talk about restructuring, and that's still going to take some time."
Citi Group had been a special case.
There had been a personal connection between Dimon and Citi, which had allowed the merger process to move quickly. But AIG was a different story. We had no prior ties with them, so naturally, more time was needed.
"I've heard that Team Leader Han is practically living at AIG these days. Are you planning to make him the president of AIG?"
"No, that's not the plan. I'll appoint Team Leader Han as CEO of Taewoo Securities. As for the AIG CEO position, I intend to promote someone from their existing management or executive ranks."
"That would probably feel less jarring. If someone from an entirely different company suddenly takes over as CEO, the current staff are bound to feel some resistance."
SAVE Investment Company, AIG, and Taewoo Securities.
Since the three companies needed to be merged into one, there were plenty of factors to consider.
But I wasn't overly concerned. After all, there was someone at SAVE Investment Company who could create bonds out of thin air.
"I've sent David to AIG. He's having team dinners with the employees every day, building rapport."
"Then there's nothing to worry about. Sharing just one drink with David makes you feel like you've been friends for twenty years."
"The Taewoo Group's planning and legal teams, along with Taewoo Securities personnel, will be arriving soon. At this rate, the merger should be finalized by next month at the latest."
"Isn't Taewoo Securities going to become too massive once it swallows up both AIG and SAVE Investment Company? It'll be larger than most financial groups."
"They say quality over quantity, but after working in this industry, I've realized that in the end, scale is everything—especially in finance."
Financial companies ultimately thrived on trust.
It was about attracting as many customers as possible to sign up for deposits or insurance. And the larger the scale, the stronger the virtuous cycle.
"Finance has always been a numbers game. That's part of why I went after Citi Group in the first place."
"We need to make sure the transition process is handled thoroughly before the merger is finalized."
"No need to worry about that. Team Leader Han already handled the handover thoroughly, and we've used multiple channels to process everything discreetly, without leaving a trace."
That was actually one of the reasons I had come to meet Dimon today.
Now that SAVE Investment Company was being merged, I could no longer move funds around freely.
So, I had begun transferring hidden assets into the fintech bank.
In essence, it was no different from moving money from one pocket to another.
The world didn't know it, but I held the largest share of the fintech bank.
"I'm counting on you going forward."
"It's me who should be saying that. As always, I'll follow your lead."
Dimon stood up and bowed respectfully.
He was now the CEO of Citi Group, yet he bowed with such sincerity, without the slightest trace of arrogance.
"What's with the formality between us?"
"I just wanted to show how much I respect you. I'm not just saying this—if you ever wanted it, I'd gladly hand over Citi Group to you."
"No need for that, so don't worry. Stay on the throne of Citi Group for life. Just don't try to dump it on me later when it becomes a hassle."
"You say that now, but who knows how things will go? In any case, I'll do my best to protect this position—for your sake if nothing else!"
We smiled and shook hands.
It was a handshake between two people who had achieved the greatest victory in the subprime mortgage crisis.
Of course, it wasn't over yet.
There was still more fruit waiting to be harvested.
***
The Director of Planning and President Park of Taewoo Securities had rushed into the U.S.
I handed them the documents regarding the merger and acquisition that was already underway with SAVE Investment Company.
"You're both more or less familiar with the situation, right? From now on, AIG Insurance will be merged with our Taewoo Securities. SAVE Investment Company will be included in the deal as well."
"The Chairman is quite distressed. We barely stopped him from flying over here immediately. He shouted, demanding to know how something this big could be done without consulting him even once."
It was the classic style of a grandfather bragging about his grandson.
He had to frame me as the troublemaker in order to boast openly.
"Things just turned out this way. The merger won't change things dramatically. It's not like AIG and Taewoo Securities are fully merging. You can just think of them as affiliates."
"And we'll manage SAVE Investment Company in the same way?"
"Yes. While it will be operated independently, the overall management should be handled on our side. It's as if a new financial group has formed within the Taewoo Group."
"Indeed. The scale has become larger than most financial conglomerates."
An investment company, an insurance company, and a securities firm.
The Taewoo Group now held a financial affiliate larger than any financial group in Korea.
What's more, two of the companies were based in the U.S., not Korea, making any comparison in scale meaningless.
"I'm fully aware that the scale has become too large. That's why I want to appoint someone I can completely trust to oversee the entire financial division. President Park, would you be willing to take the role?"
"Are you referring to me? We're talking about something bigger than most conglomerates. Do you really think I'm up to the task?"
"All I ask is that you do what you've always done with Taewoo Securities. The presidents of each affiliate will manage their own operations well. All you need to do is coordinate the risk management."
There was a reason I had chosen to offer the overall leadership position to President Park.
His competence was beyond question, but more importantly, after working with him, I found that our working styles aligned well.
Not that I could say such things to his face.
But if I wanted the financial affiliates to move according to my will, placing President Park in the top position was the best strategy.
"I'm only concerned that I might cause trouble."
"Do you not want to do it? Hmm. I haven't considered anyone else, but I guess I'll have to start looking for another candidate quickly. Let me ask again—do you truly not want the position?"
"N-no, not at all. I'll do my best to take on the role."
Who wouldn't want a prestigious title?
Especially in Korea's financial sector—there weren't many who would refuse a title that allowed them to place even the largest U.S. insurance company beneath their feet.
If anything, they'd fight over the chance.
"Once you return to Korea, I plan to ask the Chairman to officially appoint you as the head of our financial division. Frankly, I'd like to recommend you for Vice Chairman, but it's still a bit early for that. For now, please serve as General Director."
"You have my loyalty. I could wait not just one year, but ten. I'd have no complaints even if I remained General Director for the rest of my life."
President Park was a perceptive man.
To become Vice Chairman, I'd have to rise to the Chairman's seat first.
And that meant my grandfather would need to retire—so voicing ambition for the Vice Chairman position too eagerly could backfire.
Had he done so, his words would undoubtedly reach my grandfather's ears, and he'd end up spending the rest of his career trying to avoid his disapproval.
"The U.S. government and AIG have both agreed in principle, so the merger shouldn't face any major obstacles."
"But, Vice Chairman, there's something I'd like to understand—the connection with SAVE Investment Company. That's the one part of this merger I find most puzzling. I just can't see why they'd want to merge with us."
It was a situation that would confuse anyone.
SAVE Investment Company had already established strong roots on Wall Street, and it had no compelling reason to merge with us.
But I could explain it all with a single sentence.
"I founded SAVE Investment Company. So what's the problem with merging my own company with the Taewoo Group?"
"...Are you saying that you're the owner of SAVE Investment Company?"
"Someone who can explain in more detail should be arriving any moment now. Ah—here he comes."
Team Leader Han entered the room.
President Park recognized him at once—he had previously worked under Taewoo Securities.
"President Park doesn't seem to believe that I'm the owner of SAVE Investment Company. Would you explain it to him, Team Leader Han?"
"Certainly. Do you remember the team dedicated to the young master? That team established SAVE Investment Company, and all of its shares are held by the Vice Chairman."
"..."
President Park and the Director of Planning were rendered speechless.
I wanted to let them sit in shock a bit longer, but now wasn't the time.
There was still fruit left to be picked—and I needed to keep moving if I wanted to claim it.
"We don't have time for this. Let's get to work—move!"