In September 2005, the chief analyst at BankStocks ran a break-up model on Citigroup (C).

Based on the work, Citi would be broken into four companies and each would be a listed company: 1) the consumer bank, Citibank, 2) Salomon Brothers would be the croporate and investment banking company, 3) CitiGlobal which would have the internationa consumer business, and Smith Barney which would take the individual wealth management and private banking business.

The idea made some sense. The stock was trading at $45 at the time, and BankStocks said that number would be $56 in a break-up.

Citi did not break up, but the analysis became, in essence, a forecast, and a good one. Citi now trades just below $55.

Douglas A McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.