Winfried Bischoff
Encyclopedia
Sir Winfried Franz Wilhen "Win" Bischoff (born 1941) is an Anglo
-German
banker, who is currently chairman of Lloyds Banking Group plc
. He was formerly chairman of Citigroup
and previously served as interim CEO
of the same company in 2007. He was succeeded as CEO by Vikram Pandit
on 11 December 2007. Bischoff stepped down as chairman on 23 February 2009 and was replaced by Richard Parsons. He has joint British and German citizenship.
Bischoff was knighted in 2000.
and
Düsseldorf
. In 1955 he moved to Johannesburg
where he received a Bachelor of Commerce
degree at the University of the Witwatersrand
in 1961.
from 1962 to 1963.
Bischoff joined J. Henry Schroder & Co. Limited
in London
in 1966 in its Company Finance Division. In 1971 he became Managing Director of Schroders Asia Limited in Hong Kong
. He became Group Chief Executive of Schroders plc in December 1984. Schroders was worth £30 million when he took over. Bischoff became Chairman of Schroders plc in May 1995. In 2000 the investment banking
division of the company was acquired for £1.3 billion by Citi through its Smith Barney
subsidiary. The new investment company was temporarily called Schroder Salomon Smith Barney.
Bischoff joined Citi as Chairman of Citigroup Europe and was a member of The Operating Committee of Citigroup Inc., a position he held until appointed Chairman in November 2007. He is a non-executive director at McGraw-Hill
, Eli Lilly and Company
, Land Securities, Akbank
and Prudential
. He is the Chairman of the British educational charity Career Academies UK.
On 27 July 2009 he was appointed as Chairman designate of Lloyds Banking Group and took up the position of Chairman on 15 September 2009.
Anglo
Anglo is a prefix indicating a relation to the Angles, England or the English people, as in the terms Anglo-Saxon, Anglo-American, Anglo-Celtic, Anglo-African and Anglo-Indian. It is often used alone, somewhat loosely, to refer to people of British Isles descent in The Americas, Australia and...
-German
Germans
The Germans are a Germanic ethnic group native to Central Europe. The English term Germans has referred to the German-speaking population of the Holy Roman Empire since the Late Middle Ages....
banker, who is currently chairman of Lloyds Banking Group plc
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
. He was formerly chairman of Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
and previously served as interim CEO
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the same company in 2007. He was succeeded as CEO by Vikram Pandit
Vikram Pandit
Vikram S. Pandit is an Indian-born American business executive. He is the current CEO of Citigroup.-Early life:Vikram Pandit was born in Nagpur, India to an affluent Marathi family . His father, S B Pandit was an executive director at Sarabhai Chemicals in Baroda. He completed his schooling at the...
on 11 December 2007. Bischoff stepped down as chairman on 23 February 2009 and was replaced by Richard Parsons. He has joint British and German citizenship.
Bischoff was knighted in 2000.
Early life and education
He was born in Aachen, Germany and had an early education in CologneCologne
Cologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
and
Düsseldorf
Düsseldorf
Düsseldorf is the capital city of the German state of North Rhine-Westphalia and centre of the Rhine-Ruhr metropolitan region.Düsseldorf is an important international business and financial centre and renowned for its fashion and trade fairs. Located centrally within the European Megalopolis, the...
. In 1955 he moved to Johannesburg
Johannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
where he received a Bachelor of Commerce
Bachelor of Commerce
A Bachelor of Commerce is an undergraduate degree in commerce and related subjects. The degree is also known as the Bachelor of Commerce and Administration, or BCA...
degree at the University of the Witwatersrand
University of the Witwatersrand
The University of the Witwatersrand, Johannesburg is a South African university situated in the northern areas of central Johannesburg. It is more commonly known as Wits University...
in 1961.
Professional career
Bischoff worked in the International Department of Chase Manhattan BankChase (bank)
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
from 1962 to 1963.
Bischoff joined J. Henry Schroder & Co. Limited
Schroders
Schroders plc is a British multinational asset management company with over 200 years of experience in the world's financial markets. The company employs 2,905 people worldwide who are operating from 32 offices in 25 different countries around Europe, America, Asia and the Middle East...
in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in 1966 in its Company Finance Division. In 1971 he became Managing Director of Schroders Asia Limited in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. He became Group Chief Executive of Schroders plc in December 1984. Schroders was worth £30 million when he took over. Bischoff became Chairman of Schroders plc in May 1995. In 2000 the investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
division of the company was acquired for £1.3 billion by Citi through its Smith Barney
Smith Barney
Morgan Stanley Smith Barney is a retail brokerage joint venture between Morgan Stanley and Citigroup.On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of...
subsidiary. The new investment company was temporarily called Schroder Salomon Smith Barney.
Bischoff joined Citi as Chairman of Citigroup Europe and was a member of The Operating Committee of Citigroup Inc., a position he held until appointed Chairman in November 2007. He is a non-executive director at McGraw-Hill
McGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
, Eli Lilly and Company
Eli Lilly and Company
Eli Lilly and Company is a global pharmaceutical company. Eli Lilly's global headquarters is located in Indianapolis, Indiana, in the United States...
, Land Securities, Akbank
Akbank
Akbank is Turkey-based bank and was founded in Adana, Turkey on January 1948, originally to provide financing for the cotton producers in the Çukurova region. Growing and developing over time, the Bank opened its first branch in Istanbul in the district of Sirkeci on July 14, 1950, moving its...
and Prudential
Prudential Financial
The Prudential Insurance Company of America , also known as Prudential Financial, Inc., is a Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the...
. He is the Chairman of the British educational charity Career Academies UK.
On 27 July 2009 he was appointed as Chairman designate of Lloyds Banking Group and took up the position of Chairman on 15 September 2009.