The Conglomerate Family Became A Villain [EN]: Chapter 105

105. The First Step of a Giant (3)

September 1st, just after summer ended.

Bank of America launched its stock quote service, American Service.

And this American Service delighted the Bank of America executives with a more explosive response than expected.

San Francisco.

Bank of America headquarters.

Many large banks had their headquarters on Wall Street, but as of 1984, Bank of America’s headquarters was in San Francisco, the founding place of the Bank of Italy.

Of course, Bank of America also had an Eastern regional headquarters in New York, comparable to the headquarters of most banks.

Lyra Marin’s Queens branch also belonged to this Eastern regional headquarters, and since she and her branch were in New York, Sarah had to take a flight to New York every time.

“I heard that 3 million households have applied for the service.”

“Considering it took JP Morgan several months to recruit 1 million households, it’s quite remarkable.”

“Isn’t our Bank of America the best when it comes to finance?”

“That’s right. We’re different from JP Morgan, who only thinks about money.”

Of course, the success of American Service did not necessarily guarantee the overall success of Bank of America.

Most of those who applied for Bank of America’s American Service were already customers of America Securities. In other words, existing customers were simply signing up for a new service.

“This has eliminated JP Morgan’s advantage in the stock market.”

Bank of America executives were satisfied that they had leveled the playing field.

“Being able to fight on equal terms with JP Morgan isn’t everything. Compared to Citibank or Morgan Stanley, which don’t have real-time services, our competitiveness is much higher.”

“Is that so?”

One of the executives turned to Lyra Marin.

“Ms. Marin, what do you think?”

Lyra Marin had been promoted from Queens branch manager to head of the Eastern region of America Securities due to the success of American Service. She replied with pride.

“I think it’s an excellent development. American Service will give Bank of America a significant competitive advantage in the future. With each new version, latecomers like Citibank and Morgan Stanley will fall further behind. Moreover, JP Morgan, which is currently ahead, will also have to work hard to avoid being overtaken by us.”

She had no intention of merely staying on equal footing with JP Morgan.

‘This business was started to overwhelm them.’

So, Lyra Marin’s initial plan was to acquire Victoria Corporation.

“Ms. Marin, is that possible?”

“Won’t JP Morgan’s service also evolve?”

“Besides, aren’t both our service and JP Morgan’s service being developed by Victoria Corporation?”

When the executives pressed her, Lyra Marin replied confidently.

“JP Morgan has been shaken since Neil Hamilton’s resignation. If we act quickly, I am confident that we can catch up with them and even surpass them. To do this, I think we need bold upfront investment and research. Victoria Corporation will side with the one who invests more.”

The executives nodded at her words.

“Hmm, you’re saying now is the right time because JP Morgan is faltering.”

“Certainly, Henri, Neil’s successor, is widely regarded as being inferior to Neil.”

“Henri is taking a defensive stance.”

Bank of America’s CFO, Carney Paul, asked Lyra Marin.

“Ms. Marin, how much are you thinking of for upfront investment?”

Lyra Marin answered, clasping her hands together.

“To surpass JP Morgan, there should be an investment of at least around 20 million dollars.”

20 million dollars in 1984 was equivalent to 200 million dollars in the 2020s.

“That’s a considerable investment.”

“A half-hearted investment will only result in matching JP Morgan’s level.”

Lyra Marin insisted on a bold investment. However, the executives did not give a clear answer to this.

“We’ll have to think about that.”

“Since we are in the developing stage, let’s observe the situation further.”

“That’s right. It would be best to make a decision at a meeting attended by Chairman Giannini.”

Lyra Marin clicked her tongue inwardly.

‘Tch, what’s the big deal about 20 million dollars? Neil Hamilton invested 1 billion dollars in Victoria Corporation.’

She thought that she couldn’t surpass JP Morgan with this cautious approach.

‘More investment is needed.’

However, the executives were reluctant to move. They seemed satisfied with just catching up with JP Morgan.

After the meeting.

Lyra Marin returned to her office at headquarters and sighed deeply.

“Hoo… They’re still a bunch of cowards.”

She was bothered by the fact that she hadn’t secured the 20 million dollar investment.

“It would have been good for everyone if they had given it generously.”

Lyra Marin was the head of the Eastern region of America Securities. This meant that she would have to leave San Francisco and fly to New York the next day.

“The next meeting is in two months, so it would be impossible to get the budget before then.”

She thought she had no choice but to give up on aggressive investment.

Knock. Knock.

A knock on the door.

Lyra Marin raised her voice.

“Come in.”

The person who opened the door was an unexpected figure.

“Carney?”

Carney Paul, as mentioned earlier, was the Chief Financial Officer (CFO) of Bank of America.

She was a woman in her mid-fifties and was an idol-like figure for the female employees of Bank of America.

“Lyra, is this a good time?”

She also held the position of Vice Chairman of Bank of America.

No head of department could refuse a meeting request from the Vice Chairman.

“Of course.”

Carney Paul sat down in the chair and said.

“Lyra, congratulations again on the success of American Service.”

“Thank you for the congratulations.”

Lyra Marin knew that she hadn’t come to see her just for congratulations.

‘Is it because of the American Service budget?’

Carney Paul was the Vice Chairman and CFO, so all of Bank of America’s money moved under her control.

“Lyra, about Victoria Corporation.”

Lyra Marin smoothed her furrowed brow and anticipated her words.

“Hmm, is Victoria Corporation the topic of today’s conversation?”

Carney Paul nodded and replied.

“I already know that Lyra’s relationship with them isn’t bad. But there’s no guarantee that it will continue to be so in the future.”

She was worried about an unexpected aspect.

“You mean if our relationship with them deteriorates, it could affect American Service.”

“The next extension contract may fall through.”

Carney Paul was looking at American Service from a long-term perspective.

“Carney, then what should we do?”

Carney Paul crossed her legs and asked Lyra Marin.

“The contract that JP Morgan has with Victoria Corporation, can we also make it?”

Lyra Marin’s eyes widened at her question.

“If it’s a contract… Are you saying you want to acquire shares of Victoria Corporation like JP Morgan?”

“Shouldn’t we have equal shares with JP Morgan to make equal demands?”

Carney Paul didn’t think that a 20 million dollar upfront investment would surpass JP Morgan.

‘The side that spent 1 billion dollars and the side that spent 20 million dollars can’t be the same.’

She was looking at the situation very pragmatically.

“Th, that’s true, but… Will Grandfather [Chairman Giannini] allow it?”

The amount of 1 billion dollars was an amount that could only be authorized with the permission of Chairman Carlo Giannini.

“If the other party’s will is certain, I will persuade the chairman.”

“Carney will?”

Lyra Marin always thought that persuading Chairman Carlo Giannini was her responsibility.

However, Carney Paul thought differently. She believed that as a financial officer and vice chairman, she could persuade Chairman Carlo Giannini.

“The chairman isn’t narrow-minded. Despite his old age, he has a progressive mindset.”

“I admit that. But…”

“Are you saying that the amount of 1 billion dollars isn’t easily approved?”

Lyra asked back.

“Wouldn’t it be?”

Even she, as his granddaughter, couldn’t guarantee that she could get 1 billion dollars.

However, Carney Paul was confident. She said with pride.

“If Victoria Corporation is needed for the future of Bank of America, we can spend not just 1 billion dollars, but 10 billion dollars.”

10 billion dollars.

An astronomical amount equivalent to the annual budget of most countries.

“Carney?”

Carney Paul replied in a calm voice.

“Lyra, I’m saying this sincerely.”

Lyra Marin looked at her unwavering eyes and thought.

‘Is this person’s determination stronger than mine?’

She had handled American Service from start to finish.

Even so, she couldn’t have as much confidence as Carney Paul.

‘If not, did she see something in Victoria Corporation or American Service that I didn’t see?’

Lyra Marin’s voice trembled.

“If you’re really serious…”

Carney Paul cut off her words.

“It means we’re acknowledging Victoria Corporation’s value as it is.”

Lyra Marin’s eyes widened once again.

‘There’s no one as cold as Carney in Bank of America. For her to say this much.’

She had thought until now that JP Morgan had fallen for Jung Hyun-woo’s trick and spent a huge sum of 1 billion dollars.

However, Carney Paul seemed to think that JP Morgan’s expenditure was not Jung Hyun-woo’s trick.

“Carney, don’t you think it’s too much?”

Lyra Marin had no choice but to voice her true feelings.

“Are you saying that Victoria Corporation isn’t worth 10 billion dollars?”

“Victoria Corporation’s value is difficult to measure. But no matter how high you set it, I don’t think it’s worth up to 10 billion dollars.”

Lyra Marin thought that Victoria Corporation would only be worth 10 billion dollars if all the plans Jung Hyun-woo had mentioned were successful.

‘Not now.’

It was when her fingernails slightly dug into her palm.

“I think this service is worth 10 billion dollars.”

Lyra Marin’s voice reflexively grew louder.

“Carney!”

She thought that Carney Paul might be possessed by something.

“Lyra, look at the explosive response from our customers. They have been waiting for American Service. And what about JP Morgan’s customers? Over 1 million customers have been maintaining the service for nearly a year. We need to re-evaluate this service that Victoria Corporation developed.”

Lyra Marin gasped at Carney Paul’s explanation.

‘It’s like Charlie [Jung Hyun-woo] is talking.’

Carney Paul was talking as if Jung Hyun-woo had possessed her.

“American Service will not end with America. It will soon spread to the world. To Europe, to Asia, and then to Africa and South America. Hundreds of millions of people around the world will use JP Service and American Service.”

The globalization of JP Service.

This was something that even Jung Hyun-woo had never mentioned. He wanted to dominate Wall Street, but he never wanted to dominate the world.

However, Carney Paul was envisioning a broader global reach. She raised her voice like an enthusiastic orator and then uttered the final word.

“Lyra, now is the time. We must get Victoria Corporation into our hands now.”

Lyra Marin was overwhelmed by Carney Paul’s passionate speech.

“Are you saying that Victoria Corporation will dominate the world?”

Carney Paul asked her.

“Doesn’t Victoria Corporation hold all the major patents for JP Service?”

“I believe so.”

“If they dominate the world, the patent revenue alone will be enormous.”

Lyra Marin thought.

‘Carney has already calculated the patent fees.’

The queen of coldness.

A walking calculator.

If Carney Paul said so, then it probably was true.

“Then Carney, why did you hesitate about the 20 million dollars earlier?”

At Lyra’s question, Carney Paul smiled.

“Because there might be a spy among us.”

She meant that she was deliberately noncommittal about the 20 million dollars in order to proceed with the acquisition plan secretly.

Lyra Marin felt goosebumps at that moment.

‘Is this what it takes to become the CFO of Bank of America?’

Compared to her, she was just a naive person.

“That’s an amazing story.”

“Lyra, don’t trust the executives deeply. They are people who are ready to submit their resignation at any time.”

Most corporate executives renewed their contracts every year. As she said, these were the people who could resign at any time.

“Then what do we do now?”

“Lyra, go to Boston. And persuade Charlie Jung. You can use any method. You can even use your beauty. No, say you’ll get engaged.”

She thought that a political marriage could also be a good bait. Of course, Lyra Marin had no choice but to raise her voice.

“Carney!”

Carney Paul reached out and took her hand.

“When was the last time you were in love?”

“Wh, why are you asking that?”

“People like us can’t have the romance that’s in the movies. We have to have a marriage that the family wants… a marriage that the family needs. Charlie Jung wouldn’t be a bad match.”

Carney Paul suggested that Lyra Marin should also have a political marriage, just like she did.

“Carney, I’ll pretend I didn’t hear that. Charlie is still not even twenty years old.”

When Lyra Marin said firmly, Carney Paul let go of her hand.

“I see. But Lyra, you don’t have much time left.”

She meant that she had to decide now, in her mid-twenties.

Lyra Marin stood up as if she couldn’t accept it.

“Carney, I will follow your wishes on the business side, but I won’t do that on my personal life.”

Carney Paul gave a meaningful smile at her declaration.

“Do as you wish.”

Lyra Marin heard this one sentence as if it meant, ‘It won’t go as you wish.’

‘It’s like a witch’s curse.’

Carney Paul left her, who was trembling with anxiety, and got up from her seat.

“Lyra, I look forward to good news from New York.”

She meant that she would not stay here in San Francisco, but would go to New York and wait for her.

Carney Paul knew how to apply pressure.

Thud.

As soon as the door closed, Lyra Marin wrapped her arms around herself.

“Sh, she’s a scary woman.”

Lyra Marin lowered her head and thought.

‘Can I handle a woman like that?’

She thought that she couldn’t become the CEO of Bank of America, let alone the CFO.

But to become the CFO of Bank of America, she had to show talent equal to or greater than Carney Paul.

Lyra Marin felt a deep sense of futility.

‘It’s impossible.’

No matter how much she thought about it, she couldn’t become a woman like Carney Paul.

* * *

That start, where Bank of America executives gathered in San Francisco.

Jung Hyun-woo was hurrying to leave work.

“Charlie.”

The person who opened the door was Robert.

“Robert, it’s been a while.”

“I’m glad I hurried, to catch Charlie like this.”

In the past, he could have seen Jung Hyun-woo’s face no matter when he arrived.

However, as Sarah emphasized leaving work on time, Jung Hyun-woo’s overtime work had decreased significantly.

“It seems difficult to work overtime together. Would you like to have dinner together?”

“At a restaurant?”

“It’s difficult at home.”

Robert smiled.

“Let’s have Sarah come along too.”

A dinner with three people.

Jung Hyun-woo thought that it wouldn’t be an ordinary dinner.

‘The story of work will come up again.’

With Robert joining, it seemed impossible to avoid talking about business.

A meeting disguised as a meal.

Jung Hyun-woo defined today’s dinner like this.