4 Financial Stock Stories Getting Traction on Thursday
Citigroup, Inc. (NYSE:C): Current price $50.09
So-called ‘Too Big To Fail” banks might want to be careful what they or their founders wish for: A small, bipartisan group of U.S. Senators on Thursday introduced legislation that if passed into law would break up Wall Street’s big banks by separating traditional banking activity from riskier financial services. The debate was revived in 2012 when Sanford Weill, the tycoon who built financial conglomerate Citigroup into a huge commercial and investment bank, said the time had come to split up the biggest banks so they could return to growing. The current bill, the 21st Century Glass-Steagall Act, faces an uncertain future — certainly in the House — but exhibits some lawmakers’ frustration that banks have only continued to get bigger and bigger since the financial crisis. The legislation would retrieve elements of the 1933 Glass-Steagall Act that divided commercial and investment banking and was repealed in 1999.
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