Friday, July 27, 2012
What is the PR impact of a creator disavowing the thing he made? This question arose from Sandy Weill's statement that big banks should be broken up. Weill was the architect of the largest financial supermarket ever assembled. He was a deal maker and operational genius. When he left Citigroup, it slumped and hasn't recovered since. Now Weill is calling for investment banking to be split off from deposit-taking institutions. It may well be a staggering blow to banking executives defending the status quo. His new opinion certainly makes communications more difficult. One might try to dispatch him as an old man who is no longer in touch with the financial world. That only goes so far, especially since banks are still recovering from the financial meltdown. The real question is why Weill didn't speak sooner.