Sandy Weill, the former Citigroup chairman and CEO credited with building the bank into a financial superpower, now says big banks should be split up.Read the rest here.
In a wide-ranging CNBC interview, Weill suggested investment banks should be split from banks that provide retail and commercial banking services.
That’s an unusual outlook from Weill, who pushed the government to overturn the Glass-Steagall law that requires deposit-taking institutions to separate from risky investment banks.
The law was put in place after the 1929 stock market crash.
Citigroup became one of the nation’s problems during the financial crisis -- a poster-child for “too big to fail” with the government spending $45 billion trying to keep it afloat.