The News: Good Bank, Bad Bank

Citigroup is splitting into two operating units, universal bank Citicorp and Citi Holdings, which will focus on brokerage and asset management businesses. Citicorp is the "good bank," observers say, while Citi Holdings will be the "bad bank," with the company's troubled assets, including consumer finance.

Citigroup details break-up plan [FT]

Citi loses $8.3 billion, separates into two units [Reuters]

And...

The more BofA learns about Merrill, the unhappier it is [FT]

The news for compliance folks just gets better [InvestmentNews]

Paul Volcker isn't a fan of proprietary trading... [FinancialNews]

...and he's got some issues with Wall Street pay [Reuters]

UBS is selling come commodities businesses to Barclays [AP via NY Times]

John Siciliano joins New York Life Investments as a senior managing director responsible for external asset management. [NY Times]

A.I.G. will spend $619 on staff retention [NY Times]

Wall Street's troubles pressure New York landlords [Reuters]

Party on, dudes... [WSJ]