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Citi may break up commercial unit into 3 pieces: reports

If an ICG split happens, it wouldn’t be the first time a major Wall Street bank has spread out responsibility from two or three pillars to five. Wells Fargo in 2020, split its wholesale bank into a commercial unit and an investment bank that focuses on capital markets. The bank also divided its consumer bank into one unit focusing on branches and small businesses, and a separate arm centered on consumer lending. At the time, CEO Charlie Scharf said the change would provide more accountability across the bank.

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