CNBC's Charlie Gasparino reports Citigroup CEO Vikram Pandit has been resisting pressure to break up the giant bank.
Is Pandit making a mistake?
I think it’s exactly the right move, says Jon Najarian on CNBC’s Closing Bell. I like that Citi owns Smith Barney and uses it to feed their very active institutional trading. I think having retail interact with order flow is the lifeblood of trading.
But why would the financial supermarket strategy work now when it hasn’t in the past?
Who says it hasn’t worked, counters Najarian. It’s the subprime mess that blew them up. Citi has a great retail arm which feeds into their institutional trading and then helps them make more money per trade.
Should anything be sold off?
No. I think what they have is very solid franchise. If they really have to sell, I’d think they should get rid of the credit card division. But stay whole if possible, he says.
How are you trading the Fed meeting?