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Published 1/15/2009 at The Economist: Full print edition

Citigroup decided to spin off Smith Barney, its broking business, into a joint venture with Morgan Stanley. Citi is expected to offload more assets as it slims down and refocuses on the commercial- and retail-banking divisions that formed its core before its merger with Travelers Group in 1998, when Sandy Weill led the company. The bank has run up billions in net losses during the credit crisis and its share price has plunged over the past two years, to the fury of its investors. See article Robert Rubin announced his immediate retirement as Citi’s special counsel. The former treasury secretary joined the bank in 1999. His resignation letter expressed “great regret” for not recognising “the serious possibility of the extreme circumstances that the financial system faces today”. ... (link)

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