“..Citigroup Breaks Up..”
“..The original financial supermarket is dead.
Citigroup signaled the end of a decade-long experiment to create one-stop shopping for financial services..
..everything from consumer loans to investment banking..
..with Tuesday’s announcement that it was putting its Smith Barney brokerage into a joint venture with Morgan Stanley.
The deal, which will give Citigroup $2.7 billion in badly needed cash as it gives up control of Smith Barney, comes as the company still struggles in the aftermath of the mortgage and credit crisis.
There is speculation that CEO Vikram Pandit, who for months supported Citigroup as a “universal bank,”..
..will be taking further steps to simplify and streamline the company..”
go to source/story>>Citigroup Breaks Up, “Financial Supermarket” Model Dead