Good Bank, Bad Bank

"With lower risk and a streamlined set of businesses, we expect Citicorp to be our high-return, high-growth business over time. It will include "core" Citi and be a relationship-focused global bank to businesses and consumers.

Citi Holdings includes a great set of businesses with strong market positions. However, these assets do not sufficiently enhance the capabilities of Citi's core businesses. The leadership of Citi Holdings will focus on running these businesses well, tightly managing risks and maximizing the value of these assets by being alert to appropriate divestiture and partnership opportunities that may emerge." - Vikram Pandit

I wonder who's going to be leading the bad bank?? Nobody would want to be in-charge of this body-bag of toxic waste. First priority for this set of leadership is to find means to offload the toxic waste.

Here's a toast to a new financial landscape. Good bank = pure retail + commercial business. Banks will soon become like a utility company, just like your telecoms or water provider.