Financial History Issue 132 (Winter 2020) | Page 38

About Where Are They Now?:  The “Where Are They Now?” Series traces the origins and
histories of 207 of the underwriters of the 1956 Ford Motor Company IPO. The research for
this series has been generously funded by Charles Royce of The Royce Funds. The Museum’s
“Where Are They Now?” blog can be found at: wherearetheynowblog.blogspot.com.
became Smith Barney Shearson in 1993 and
Frank Zarb, president of Smith Barney,
was made president of the unit. Later Zarb
became the head of Primerica’s Financial
Services, its insurance agency. Robert F.
Greenhill, the former president of Morgan,
Stanley, was recruited to become the chair-
man and CEO of Smith Barney Shearson.
Travelers Corporation
Very soon after Primerica took over
Shearson, it merged with Travelers Cor-
poration. As it had done when it took
over Primerica, it adopted the name of its
acquisition and the firm announced that
it would rename itself Travelers. Travelers
was “one of the 10 largest companies in
the country and the leader in insuring the
risks for large corporations.” Edward H.
Budd, CEO of Travelers, became chair-
man of the executive committee; Weill
became chairman of the company.
Dimon continued to be president and
became COO of Travelers Corp. Robert
I. Lipp, who had previously been with
Chemical Bank and had been associated
with Weill since 1986 when he joined
Commercial Credit, became CEO of the
firm’s insurance business. Zarb remained
the head of Primerica’s Financial Services.
Greenhill continued his position as chair-
man and CEO of Smith Barney Shearson.
In 1994, the firm decided to drop the
Shearson name from its Smith Barney
unit, and the Shearson name was lost. 
36    FINANCIAL HISTORY  |  Winter 2020  | www.MoAF.org
Susie J. Pak is an Associate Professor in
the Department of History at St. John’s
University (New York). A graduate of
Dartmouth College and Cornell Uni-
versity, she is the author of Gentlemen
Bankers: The World of J.P. Morgan
(Harvard University Press), a Trustee of
the Business History Conference, co-chair
of the Columbia University Economic
History Seminar and a member of the
editorial advisory board of the Business
History Review. She is also a member
of the Financial History editorial board.