Citigroup (NYSE: C) should be two companies -- at least.
The break-up I envision would separate investment banking and corporate financial services from retail banking, lending, insurance and brokerage services. The investment banking sector is going to advance much faster in the next ten years than the retail sector, and the two have nothing in common.
Citigroup is not too big, it is too disoriented. CEO Chuck Prince is trying to sculpt Mount Rushmore with a pocket knife and given another 200 years maybe he could do it. But he does not have that much time and nobody will be around to see the result, even if it could be done. You can find the case for this in my recent post Chasing Value: Bear Stearns - cheap and growing.
Some investment banks might even be prospective merger and acquisition targets for a new leaner and meaner Citigroup partner. Bear Stearns (NYSE: BSC), which I own shares in, is small enough to be in play and there are others.
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