Citi: half done

Make no mistake: Citigroup is not breaking itself up. It has merely drawn a blueprint for becoming a more manageable, responsible and potentially profitable financial institution. Much more work must be done to satisfy investors and regulators that its decades-long string of failures has come to an end. The central flaw in chief executive Vikram Pandit’s plan is a steely determination to keep Citi’s wholesale bank welded to its far-flung consumer lending operations. The company’s arguments for d...