Sandy Weill was the CEO and chairman of Citigroup during Wall Street’s bad old days. He oversaw the growth of that bank into the massive, global business that it is now and as a philanthropist, the Weill name is all over New York City.
Today, though, he’s on Squawk Box calling for banks to be broken up and “do something that doesn’t risk tax payer dollars.”
He thinks investment banks should be spun off from banks that provide retail and commercial banking services, and quite frankly, the fact that he’s saying this is blowing our minds.
“This system is really immobilizing the banking system,” he told the Squawk crew.
Andrew Ross Sorkin piped up with the argument Wall Street’s made so many times — what about our big clients (like GE) that need massive checks for their operations.
Weill’s response was basically, we’ve done it before. We can do it now. “…the creativity, ingenuity, brain power of people is more important than size,” he added.