A deal agreement by Citi to sell a more than 50 percent stake in Smith Barney to Morgan Stanley speaks volumes about the future of Citi. You cannot be a financial supermarket without a wealth management unit. Thus Citi seems to be admitting--finally--that the financial supermarket concept, which has guided it for so long, is dead. Of course, this at a time when Bank of America is embracing it.

The Citi "admission" is remarkable, especially after CEO Vikram Pandit seemed to really buy into the idea. But now the company seems bent on some sales of major assets. Some sense the influence of Uncle Sam, but I'm not sure. There are a lot of questions now about the strategic future of Citi.

For more:
- here's a CNBC article

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Bank of America news from FierceFinance