(Corrects third paragraph to show Citadel LLC is separate hedge
fund firm from Citadel Securities, which competes against banks)
By Lawrence Delevingne
BEVERLY HILLS May 1 Billionaire hedge fund
manager Ken Griffin said he is encouraged by recent comments
from U.S. officials that the government could move to break up
the country's biggest banks.
"My fantasy is to break up the big banks," Griffin said on
Monday at the Milken Institute Global Conference in Beverly
Hills. "I wish we would end too big to fail in our banking
Griffin is the founder of Citadel LLC, a hedge fund firm, as
well as Citadel Securities, a market-maker that competes against
big Wall Street banks. He expressed his view on bank breakups in
response to President Donald Trump saying on Monday that he is
actively considering such a plan.
Other White House officials have said similar things, and
some U.S. lawmakers are also supportive of bank breakups. The
renewed chatter has created jitters on Wall Street, where banks
like JPMorgan Chase & Co, Bank of America Corp
and Citigroup Inc have argued that their size and diverse
revenue streams are good not just for shareholders and customers
but the broader financial system.
Sitting on a panel at the conference, Griffin said he is
encouraged by Trump's agenda to reduce taxes and roll back
regulations, and believes the president will eventually
accomplish his goals despite a failure to do so during his first
few months in office. His comments mirrored those of other
"There is a tone from the top that it is a new day in
America," Griffin said. "It's 100 days - it's not much time. We
have another four years of this administration."
(Reporting by Lawrence Delevingne in Beverly Hills; Writing by
Lauren Tara LaCapra; Editing by Lisa Shumaker)