As we get ready to say goodbye to the 2010s, CNBC.com is taking a look back at the key players, events and transformations from Wall Street to Silicon Valley to corporate America to the White House that shaped a “Decade of Disruption.” In the lead-up to New Year’s Day 2020, CNBC’s online journalists will be exploring the moments that defined the past 10 years for your money and set the table for the next decade and beyond.
The banking industry underwent evolutionary change in the 2010s following the financial crisis and the Great Recession. Sanford Weill, the father of the financial supermarket, shocked Wall Street in 2012 when he called for the breakup of the sprawling institutions that were made possible by his vision. Weill, as CEO of Citigroup in the late 1990s, used the bank as the vehicle to shatter the rules of banking.
Weill walked back those remarks a year later, but the debate still rages over how to make sure that banks, or any companies for that matter, are never again so important to the American economy that the government would have no choice but to save them.
Let banks be just banks, Weill says
Four years after the collapse of Lehman Brothers and two years after the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed by President Barack Obama, Weill told CNBC, in a July 2012 interview, “What we should probably do is go and split up investment banking from banking; have banks be deposit takers, have banks make commercial loans and real estate…