“Even thinking about breaking up is hard to do. Just ask Citigroup Inc.

“Michael E. O’Neill was among a small group of directors who after the financial crisis urged the company to weigh the pros and cons of splitting up the third-largest U.S. bank, said people familiar with the deliberations.

“Mr. O’Neill, now chairman, has overseen a management shake-up in the past year and is backing a broad cost-cutting plan. But exploring a breakup is no longer among his top priorities.

“Mr. O’Neill has concluded that breaking up Citigroup doesn’t make sense now, given economic and regulatory uncertainty as well as a host of financial considerations, these people said.”

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