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Citigroup Chairman Not Pushing Bank Breakup

Even thinking about breaking up is hard to do. Just ask Citigroup Inc.Michael E. O'Neill was among a small group of directors who after the financial crisis urged the company to weigh splitting up the third-largest U.S. bank, said people familiar with the deliberations.Mr. O'Neill, now chairman, has reshaped the New York company over the past year, overseeing a management shake-up and backing a broad cost-cutting plan. But exploring a breakup is no longer among his top priorities.Mr. O'Neill has concluded that breaking up Citigroup (C) doesn't make sense now, given economic and regulatory uncertainty as well as a host of financial considerations, these people said. A Citigroup spokeswoman declined to comment.The shift is noteworthy because Mr. O'Neill has shown a willingness to revamp financial companies. He downsized Bank of Hawaii Corp. (BOH) as chief executive and advocated simplifying the sprawling Bank of America Corp. (BAC) when he was a candidate in 2009 to replace Kenneth Lewis...

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  4. BofA CEO Candidates Want to Break Up Bank

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  4. Citi Appoints Michael O'Neill As Chairman Of Board

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  5. Citigroup Chairman Parsons To Step Down: WSJ

    Citigroup Chairman Richard Parsons has decided not to stand for re-election at the annual shareholders meeting in April after 16 years on the board, the Wall Street ...

  6. Citigroup Chairman Parsons to Step Down

    Richard D. Parsons, the politically connected chairman of Citigroup Inc., will step down from the board after 16 years, closing a chapter that included the company's...

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    Alan Brochstein suggests taking a look at smaller banks As 2012 comes to an end, an obvious theme has been the very poor performance of Financial stocks. Through Dec...

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