On the day Citicorp and Travelers Group announced their merger proposal in April, Wall Street celebrated by bidding up the stocks of both companies. And many others away from Wall Street hailed the idea of a new kind of financial services company.

Drowned out by the instant applause, however, have been notes of skepticism or caution from some prominent observers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.