Citigroup’s former chief executive Sandy Weill has called for a break-up of large banks in a significant about-face from one of the architects of the modern financial conglomerate.
Mr Weill’s intervention adds to a growing chorus of regulators, politicians and bankers calling for a return to the separation of investment banking from commercial banking that existed in the US before the 1990s.
“What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Mr Weill, 79, told CNBC.
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