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Sandy Weill calls Morgan Stanley and Charles Schwab ‘very good buys’

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Sandy Weill, former CEO of Citigroup.

Adam Jeffery | CNBC

Sandy Weill, the former Citigroup CEO and chairman who helped create the megabank model in the 1990s, said Friday that Morgan Stanley and Charles Schwab were “really very good buys.”

Bank stocks have been hammered this week, giving back recent gains tied to the reopening of the U.S. economy, in part because the Federal Reserve said it would keep its benchmark rate near zero through 2022. Low rates squeeze the margins banks make when they take in deposits and extend loans.

“The financial industry is in very good shape this time, and the stocks are selling, a lot of them well below book value,” Weill told CNBC’s Becky Quick on CNBC’s…



Source cnbc.com

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