Sandy Weill’s advocacy of breaking up universal banks won an endorsement across the pond from a former top Citigroup executive.
Winfried Bischoff, who served as Citigroup’s chairman during the dark days of the financial crisis, said Thursday that he was surprised by Weill’s about-face but that he happened to agree. “It came as a shock to me,” said Sir Win, as he’s known in Britain. “But times change.”
Sir Win, who is now chairman of the U.K.’s Lloyds Banking Group, added that the idea of combining retail and investment banks no longer makes sense – an issue that British policymakers are grappling with as they push banks here to insulate their deposit-taking businesses from their riskier investment-banking arms.
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