Between spending his early days as a runner for Bear Stearns, all the way back in 1955, and creating one of the largest securities firms in America with Citigroup, Sandy Weill has touched the way that Americans bank and live. Jim Cramer knows that Weill has a good perspective on the future of banking.
In an interview with Cramer at CNBC's 25th Anniversary Gala on Thursday, Weill stated, "I think the regulations are saying—that we can't think about banks the way we used to think about them. The regulators are not letting banks make mistakes. You can't risk the money, so our banks are really handcuffed on what they have an ability to do."
Though he retired as chairman of Citigroup in 2006 and stepped down as CEO in 2003, Weill has continued to keep his finger on the pulse of banking.
"Most young people graduating from colleges are not going to banks anymore. They're going into hedge funds and private equity companies instead … I think that we're not attracting the people, and it's not a fun place to be," Weill said.