Citigroup’s ex-CEO does an about-face on big banks
Sandy Weill is having a change of heart. Weill, the dealmaker who built Citigroup on the idea that in banking, bigger is better, said Wednesday that he believes big banks should break up. Speaking on CNBC’s ‘‘Squawk Box,’’ the 79-year-old Weill appeared to shock the show’s anchors when he said that consumer banking units should be split from riskier investment banking units. That would mean dismembering Citigroup as well as other big US banks, such as JPMorgan Chase and Bank of America.