Multinational, money-losing, government-subsidized, unmanageable Citigroup, having divested already of Robert Rubin and other high-paid remnants of founder Sandy Weill's heyday, will split into two companies:
1) Citicorp, a $1.1 trillion "global bank to businesses and consumers", funded by old-fashioned bank deposits. Includes corporate and investment banking, special services for billionaires, credit cards, branches, business loans, and Global Transaction Services, a fast-growing tech unit. The old Citibank, as if Weill's Travelers had never taken it over.
2) Citi Holdings, a mix of money managers and subprime loan businesses that don't fit. Includes a stake in broker Morgan Stanley Smith Barney, plus Primerica, subprime CitiFinancial, CitiMortgage, Nikko (Japan), and consumer finance groups in Europe, Asia and Latin America; plus loser investments backed by U.S. taxpayers.
Citi Holdings is more or less for sale, but in the meantime Citi says it's looking for someone to run it.