Former New York Stock Exchange CEO gives America the gift of ATMs
John Shepard Reed is responsible for the adoption of ATMs in America and has used his insightful business vision to champion common ATM usage into the livelihoods of nearly all Americans. Reed was the former chairman of the New York Stock Exchange and the chairman and CEO of Citicorp, Citibank, and Citigroup.
John Reed became the CEO of the New York Stock Exchange after former CEO Richard Grasso fell into an over compensation scandal. Reed took the job for a $1 salary and created new governing rules that helped the exchange handle itself as a public corporation.
John Reed’s work to promote ATM machines in America has completely changed the way business operates in our country, spawning an entire new generation of companies and business communities that use the ATM to create a profit. During his work at Citigroup Reed helped the company grow into a powerful, market leading entity.
John Reed’s other activities include active membership with the Corporation of the Massachusetts Institute of Technology, director of the Manpower Demonstration Research Corporation, and a trustee of the Center for Advanced Studies in Social and Behavioral Sciences.
As an executive vice president at Citicorp, John Reed lost hundreds of millions of dollars buying teller and credit card machines, which were new and untested technology at the time. The investment appeared to be idiotic, but now has paid itself over heavily, and Reed was able to take Citicorp merger for $70 billion, creating one of the most expensive merger deals in history. Reeds heroic and visionary actions during his work with Citicorp as well as his careful leadership of the NYSE, puts him on top of the list of business leaders.