Lecture Series on Complex Systems
Engineering Systems in the Service Sector: The Launch of the ATM and How It Revolutionized Personal Banking
Chairman of the MIT Corporation and Retired Chairman & CEO of Citigroup, Inc.
Reed will talk about the deployment of ATMs during the 1970s. This is a real-world example of the early deployment of an interactive, real-time system at scale, within a functioning metropolitan branch banking network—a technical as well as organizational and customer challenge.
John S. Reed was born in Chicago, Illinois in 1939, and raised in Argentina and Brazil. Upon graduating from high school, he returned to the United States to attend Washington and Jefferson College and the Massachusetts Institute of Technology where, in 1961 under a joint degree program, he earned the BA and BS degrees. In 1965, after service in the US Army, he returned to MIT and received the MS degree from the Sloan School of Management.
Reed worked briefly for the Goodyear Tire & Rubber Company of Akron, OH, before entering the US Army where he served from 1962 to 1964 as a Lieutenant in the Corps of Engineers, with service in Korea in the 45th Engineer Group, 8th US Army. Shortly after receiving his degree from the Sloan School, Reed was recruited by Citibank/Citicorp where he quickly moved up the ranks. During his 35 years at Citibank, Reed was central to modernizing the back office and creating the company's global consumer effort. He ran the Operating Group and Consumer Group before becoming Chairman in 1984. He led the company during the cross-border debt crisis of the 1980's, and the Real Estate problems of the early 1990's. In 1998, Citicorp merged with the Travelers Corporation to form Citigroup, which he co-led until his retirement in 2000. In 2003, after an upheaval over senior executive compensation, Reed was asked to take over the reins of the New York Stock Exchange. Working for just a $1 salary, he served as NYSE Chairman from September 2003 until April 2005, during which time he helped put the crisis behind the institution, established new governance procedures, and brought in a successor. More recently, Reed has voiced support for reforms intended to safeguard America's financial system. In June 2010, he was elected to serve as Chairman of the Corporation of MIT. Reed was first elected to the MIT Corporation in 1980, and has been a Life Member since 1985. Over the past thirty years, he has served on the Membership, Development, and Investment committees, and on visiting committees for the Engineering Systems Division, Sloan School, Sponsored Research, and Mathematics, the last of which he served as a long-time chair.
Reed has broad experience in the governance of corporate and non-profit institutions. He is currently a director of MDRC, a non-profit evaluation organization, a trustee of the Isabella Stewart Gardner Museum (Boston), the French Cultural Center (Boston), and sits on the board of overseers of the Boston Symphony Orchestra. He is also a member of the advisory board of Criteria Caixa Corp, and is a director of the National Bureau of Economic Research. Reed is a Fellow of the American Philosophical Society, and the American Academy of Arts and Sciences where he currently serves as Treasurer. Reed is a former director of the RAND Corporation, Russell Sage Foundation, Spencer Foundation, Center for Advanced Studies in Social and Behavioral Sciences, Monsanto, Philip Morris Company, and United Technologies. He has received numerous recognitions and awards including the Corporate Leadership Award, and the MIT Bronze Beaver Award.
The Brunel Lecture Series on Complex Systems is sponsored by MIT Engineering Systems Division. Information about the series and past lectures is available here.