JOAN WEILL: The Way Bankers Are Cast Today Is 'Class Warfare'

Sandy Weill

Photo: Bloomberg

Last month, former Citigroup chairman and CEO Sandy Weill, who is credited as the father of the financial supermarket, made waves when he called to break up the big banks during a CNBC appearance. That shocking call has continued to be a big topic on Wall Street lately.

Just yesterday, San Francisco Chronicle’s Julian Guthrie came out with an in-depth profile of Sandy and his wife Joan from their 360-acre Sonoma County, Calif. home. 

Now, we have Weill’s wife’s view of the financial services industry.  

From SFGate: (emphasis ours)

“The industry was a major part of our lives, and it’s gotten so maligned,” she says, with Angel [their dog] at her feet. “Sandy wants to see that the industry attracts the brightest people. He cares about the business, the people and the country.”

Saddened by how bankers have gone from revered to reviled, Joan says, “There are a lot of good people who have done a lot of good things, and now they’re all cast as bad. It’s class warfare.” She notes that an estimated 95 per cent of the so-called 1 per cent came from the 99 per cent, “but you are now pilloried for getting to the 1 per cent.”

Read the full profile here >

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