It’s been a rough few years for Sandy Weill.
The Citi debacle has hurt his legacy — despite hundreds of millions of dollars in philanthropy — and now there’s this: he’s off the Forbes list of the 400 richest Americans. That means he’s worth less than $950 million (#399); last year, he was worth a reported $1.3 billion.
Forbes (via The Deal): Sanford Weill, the architect and former chief of beleaguered Wall Street giant Citigroup tumbled off our list as Citi fought to stay alive. Shares of Citi have plunged 75% in the past 12 months, trading as low as $0.97 as sub prime exposure nearly destroyed the firm before the government came to its rescue. Shares have recovered 390% from their lows, but not enough to place Weill–worth $1.3 last August–back on the list.
If it makes Weill feel any better, he’s one of 32 tycoons who were pushed off.