NEW YORK – The chief executive of Citigroup Inc. is all but ruling out any large mergers with competitors and specifically with German banking giant Deutsche Bank AG, the Wall Street Journal said on Friday.
In a sharp departure from the approach of his acquisitive predecessor, Chairman Sanford Weill, Charles Prince told the Journal in an interview that he did not intend to “harpoon a whale” by making a large deal every few years.
Prince virtually cancelled the idea of buying a “capital-market-based” institution such as Deutsche while he remained chief executive. But he added that a deal for a retail-based bank was not totally out of the question if prices moderated.
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