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Citigroup (NYSE: C) Posts Massive Losses, Bank Splits
Citigroup Inc. (C) Friday succumbed to the reality of its dwindling capital base and plunging stock price, announcing it is splitting into two separate companies in what amounts to a death knell for the "financial supermarket" model.
Chief Executive Officer Vikram Pandit’s move will wipe out the legacy of former chief Sanford "Sandy" Weill, by creating "Citicorp" to house the New York-based company’s global bank, and "Citi Holdings" for its "non-core" and toxic assets backed by the U.S. government.
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