Stephen Volk, the epitome of a dealmaker and former vice chairman of Citigroup, renowned for his counsel to multiple generations of corporate leaders, passed away on Saturday at the age of 87.
Volk had been battling urothelial cancer, as disclosed by his wife, Diane Volk.
His illustrious career on Wall Street spanned six decades. Initially, he made his mark as a prominent mergers and acquisitions attorney at Shearman & Sterling, the prestigious New York law firm. Subsequently, during his tenures at Credit Suisse First Boston and Citi, Volk garnered the trust and admiration of corporate giants such as Jack Welch, John Mack, and Sumner Redstone.
Joining Citi in 2004 as a vice chairman, Volk retired from the bank in early 2021.
Citi’s CEO, Jane Fraser, reminisced in a note to employees about Volk’s pivotal role in her career, stating, “When I first joined Citi, it was Steve who graciously took me under his wing and helped me adapt and grow in a role that was new to me and initially a bit outside of my comfort zone. He cheered me on. He gave me the tough feedback when needed. He picked me up when I was down. He helped put me on the path of success here at Citi. And I was not the only one.”
Born in Boston on April 22, 1936, Stephen Volk earned degrees from Dartmouth College and Harvard Law School, later serving on the Dean’s Advisory Board at Harvard.
Volk commenced his journey at Shearman in 1960 and ascended to partner status eight years later. In 1991, he was appointed senior partner. Reflecting on his career in a 2016 video interview posted by Shearman, Volk commented on the evolution of the M&A landscape, stating, “Back when I started, gentlemen didn’t sue gentlemen, and companies didn’t go hostile against other companies… We had to develop over time an effective M&A offering.”
Indeed, Shearman did just that, with Volk and his team advising DuPont on its landmark 1981 bid for Conoco. DuPont emerged victorious in a heated battle against two other contenders, Seagram and Mobil, securing control of the oil company with what was then the most expensive corporate takeover in history, totaling $7.57 billion.
Steve Volk, second from right, with other financial executives in 2009. PHOTO: STR/AFP/GETTY IMAGES
“A spokesman for Shearman hailed Steve Volk as one of the truly great M&A lawyers, corporate advisers, and law-firm leaders of his era and beyond,” the statement read. “During his tenure of four decades at the firm, including a decade as its leader, Steve spearheaded transformative mergers across diverse industries and propelled the firm’s global expansion.”
Volk’s commitment extended beyond deals; he actively nurtured the careers of numerous legal practitioners and bankers. “He cherished mentoring individuals who collaborated with him, fostering their growth and development,” Diane Volk affirmed.
Volk’s advisory prowess extended to pivotal deals shaping the media landscape, notably General Electric’s acquisition of Vivendi Universal’s entertainment division. However, it was his enduring rapport with Redstone that defined his legacy as a trusted confidant.
The connection with the media mogul commenced with a phone call from a Merrill Lynch investment banker, as Volk recounted later. “You’re going to hear from a gentleman named Sumner Redstone,” the banker informed Volk. “He owns a chain of theaters in Boston. He’s acquired a stake in Viacom, and he requires assistance with filings. It may not evolve into much of an assignment since he rarely concludes acquisitions.”
Undeterred, Volk accepted the task and assigned his esteemed associate, Philippe Dauman, to the project. However, this time, Redstone was poised for a significant transaction. Redstone acquired Viacom in 1987, subsequently adding Paramount Communications and CBS to his portfolio. Dauman, Volk’s former associate, eventually assumed the role of Viacom’s general counsel before ascending to the position of CEO.
Volk also advised prominent figures on Wall Street, aiding First Boston’s privatization and overseeing the restructuring of Citi’s Latin American debt portfolio. Among his clientele was Mack, a notable executive at Morgan Stanley, for whom Volk had provided counsel during the investment bank’s merger with Dean Witter.
When Mack departed Morgan Stanley in 2001 to spearhead the revival of Credit Suisse First Boston, he enlisted Volk’s expertise. Amidst government probes and mounting losses, Mack’s decision to recruit Volk underscored his commitment to addressing regulatory concerns. In his memoir, “Up Close and All In,” Mack reflected, “My first recruit was Stephen Volk, a lawyer renowned for his integrity. By doing so, I signaled to regulators in Washington and New York my earnestness in addressing their inquiries.”
Diane and Steve Volk in 2019. PHOTO: PATRICK MCMULLAN/GETTY IMAGE
Mack’s tenure as CSFB’s co-CEO abruptly concluded in 2004 when Credit Suisse’s board opted not to extend his contract. Shortly thereafter, Volk tendered his resignation to join another former client, Citigroup. Mack subsequently assumed the role of CEO at Morgan Stanley.
Citigroup remained Volk’s professional haven until his retirement in early 2021.
“Steve was not only a legendary banker and lawyer but also a cherished role model and dear friend to many at Citi and across the industry,” Citi remarked in a statement. “Scores of our colleagues, spanning from junior bankers to seasoned leaders, sought and benefited from Steve’s counsel and mentorship during his tenure with us. We deeply mourn his loss and extend our heartfelt condolences to his family and loved ones.”
In addition to his wife, Volk is survived by four children, Jeffrey, Andrew, Michael, and Anne; along with nine grandchildren and two great-grandchildren.