Feb 20 Citigroup Inc Chairman Michael
O'Neill is not eager to explore a breakup of the third-largest
U.S. bank, the Wall Street Journal reported, citing people
familiar with the matter.
O'Neill was among a small group of directors who urged
Citigroup to consider the benefits of splitting the bank after
the financial crisis.
But he has concluded that breaking up Citigroup would not
make sense now, given economic and regulatory uncertainty, the
Journal quoted the people as saying.
Citigroup spokesman Ed Skyler declined to comment on the
Journal story, but noted that O'Neill had said in October that
directors were confident in the company's current strategy.
Also, new Chief Executive Mike Corbat said in December that the
company saw its global footprint as a competitive advantage.
Citigroup had considered splitting during the financial
crisis, but decided instead to place hundreds of billions of
dollars worth of assets into a separate unit where they are
being sold or wound down.
O'Neill wanted to look at the option when he joined the
Citigroup board in 2009, but was blocked by then-Chief Executive
Vikram Pandit, who did not want to consider the option, the
Journal report cited the people as saying.
Late last year, Citigroup said it was cutting 11,000 jobs
worldwide, or 4 percent of its workforce. O'Neill, 66, has a
history of ruthlessly shedding businesses that are not earning