From
Bloomberg:
Chief Executive Officer Michael Corbat, said “We’ve got to get to a point where we stop destroying our shareholders’ capital.”
At least he understands what they have been doing. If he's serious, why not start by selling the bank off into manageable parts? I just don't see how its possible to efficiently maximize a 2 trillion dollar bank, with 260k employees. The only people this makes sense for are senior management and politicians, as its become the new Fannie Mae, a great way to give bureaucrats a multi-million dollar payouts in thanks for regulations that hurt competition under the rubric of safety.
From Bloomberg:
4 comments:
this guy's bio doesnt give me confidence he cares about shareholders
They simply cannot break up due to regulatory arbitrage. The bigger the company the greater the resources (lobby, connections, etc) Unless all banks decide in unison to break up (or forced by government) it won't happen. Just my .02
Nice article, thanks for the information.
Breaking up the country as a whole isn't a bad idea either. Isn't DC destroying shareholder value also?
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