Citigroup 'Too Interwoven' to Fail, Chairman Says

Citigroup remains too "interwoven" to fail even after the government has plowed billions into rescuing the banking titan and Congress has passed laws taking aim at financial behemoths, Citi Chairman Richard Parsons told CNBC.

Citibank logo on a sign
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Citibank logo on a sign

"It's not a question of too big to fail," Parsons said in a live interview. "It's a question of too interwoven in the fabric of the global financial life to fail."

Speaking as Citi prepares to shed its government stake, which was as high as $45 billion when the bank teetered on the brink of disaster during the financial crisis, Parsons said maintaining huge financial conglomerates is in the interest of the US economy. » Read More at CNBC.com