Citigroup’s chief executive has knocked back the idea of big banks being split up after calls from people such as his predecessor Sandy Weill.
Vikram Pandit said Citi, formed in Mr Weill’s time with mergers such as the acquisition of Travelers in 1998, had already gone back to the basics of banking, and aside from some global markets businesses had sold most of the units from that deal.
“What’s left here is essentially the old Citicorp,” he told the Financial Times. “That’s a tried and proven strategy. Why did it work? Because it was . . . based upon operating the business and serving clients and not a strategy based on dealmaking. That’s the fundamental difference.”
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