Citigroup (Citi) CEO Vikram Pandit says his bank is no longer the too-big-to-fail bank that fell upon hard times years ago, so he sees no need to break up the big banks.
In an interview with the Financial Times covered by Forbes, Pandit said Citigroup is different today and operating in a mode that is 'back to basics' after selling many units.
The publication quotes Pandit as saying: "What's left here is essentially the old Citicorp. That's a tried and proven strategy. Why did it work? Because it was a strategy based upon operating the business and serving clients and not a strategy based on deal making. That's the fundamental difference."
Citigroup and other big banks have been dealing with calls from former regulators and even Dallas Federal Reserve Bank CEO Richard Fisher for the break-up of the nation's five largest banks.
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