WSJ: Should big banks be broken up?

WSJ: Should big banks be broken up?

Should big banks be broken up?

Former Citigroup CEO Sandy Weill’s call to break up the big banks adds him to a growing roster of former financial giant executives who suddenly are embracing  one of the core tenets of  Glass-Steagall. Mr. Weill said on CNBC Wednesday that the nation’s biggest banks should be separated, with investment banks free to take risk and deposit holders going back to old-fashioned lending. Coming from the man whose signature accomplishment led to the repeal of the Depression-era law that separated the businesses, the comments marked a stunning turnaround.
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