Citigroup’s Pandit Says Regulators Should Avoid Product Control
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Citigroup Inc. Chief Executive Officer Vikram Pandit said regulators shouldn’t dictate what banks can sell to clients because such controls risk undermining financial stability and have no clear economic benefit.
Former Citigroup Chairman Sanford “Sandy” Weill said last month banks should be broken up, separating investment banking from lending and deposit-taking. U.S. regulators are also working to complete controls that include a ban on proprietary trading by banks -- the so-called Volcker rule.