Citi posts loss, splits up the company

Citi posts loss, splits up the company

biz.yahoo.com

Citigroup posts $8.29B loss, separates traditional banking business from riskier ventures


NEW YORK (AP) -- Citigroup said Friday it is splitting up into two businesses as it reported a fourth-quarter net loss of $8.29 billion -- its fifth straight quarterly loss.
In Citigroup's reorganization, one business, Citicorp, will focus on traditional banking, while the other, Citi Holdings, will hold the company's riskier assets.

ADVERTISEMENT


The move will allow Citigroup to sell or spin off the Citi Holdings assets to raise cash. It also reveals the company's growing focus on back-to-basics lending and deposit-gathering, and dismantles the "financial supermarket" created a decade ago.

(visit the link for the full news article)

Many people have aren't yet willing to accept the notion that the world the had become accustomed to 8 years ago, no longer exist.

I like to sieze upon news such as the story above to illustrate the monumental changes that have taken hold where even the largest things on the Earth have been shaken and laid low.

I formerly worked in the industry and witnessed the development of the super banks and how they bought up everything in site, just as the old regulations were being removed during the 90s.

What does the future of banking look like in light of the Death of Citigroup?



biz.yahoo.com
(visit the link for the full news article)

I for one think this is great news that Citibank has taken a hit. But then cold hard reality slaps me in the face and remembers that Citibank along with JP Morgan are the NWO's greed queens who designed this whole mess and who will be be the last ones standing.

Perhaps this is just a scam to get us to "think" they are just like everyone else.

reply to post by WatchNLearn


Yeah, some people do love drama, but I think they would have staged a more dramatic demise if it were just a stunt. I am inclined to accept the idea that Citigroup tried to save itself, but the storm was just to powerful and its foundations are deeply fissured.

reply to post by WatchNLearn


Oh, it is such awesome news!

Hey, maybe if I am really lucky, they will even lay off my dad after he managed to skirt the 50,000 workers recently let go! I mean...what's 20+ years of working in the buisness, making contacts and building a life for his four children compared to delight we can take knowing that...

...not a single 'higher-up' will have to suffer: only those 'shmucks' like my dad who work for a living.



I find many people who like to 'fight the man' have no idea how that 'fight' should look; what their goals are or who the hell they are even fighting.

Getting some of the minds behind the mayhem locked away and put on trial is one thing...but wishing for nothing but blind shot after blind shot against the company makes you an...well, an ignorant ass who is unconcerned with anything or anyone who might suffer to see their crusade through.

How could you wish for the end of thousands of workers financial and professional lives just to take a shot at the few who are responsible? These people just watched 50,000 people leave and each and every article of bad news sends those still around into a tailspin.

The industry isn't hiring and loosing an established job at Citi now takes the average 6 months out you should give yourself for lining up a new job and bumps it to a question mark. But you probably haven't spent your life meeting and knowing these people.

As long as the emperor falls, who cares how many cafeteria workers had to go out with the death star?

[edit on 1/16/0909 by spines]

[edit on 1/16/0909 by spines]

It was rumors that Citigroup was owner in part by the Bin laden family but that was never proved after 9/11, what I know is that major investors from the Arab countris are involved in citibank and back in 2007 when citibank started to have financial problems they got cash infusions from oversea, Saudi and Syngapoor.

Then during the 2008 they got more cash infusion by the fed alone with other financial entities.

Then they also got TARP money 25 billion from American taxpayers.

I guess we need to keep our oversea investors the Arabs happy.

I wonder how much TARP money alone with BofA they will be getting, I heard that BofA wants up to 200b.

I am sorry for your situation spines, however I do not feel it is necessary to take your anger and frustration out on me. Perhaps if people didn't support these greedy pigs to begin with they may not be in that situation. Perhaps if they made better decisions in their life they would not be in that situation.

So your friends may lose their job and I am meant to feel guilty? HAHAHAHA...try telling that to the THOUSANDS of people you have lost their homes and business to Citibank.

Citibank have scammed and sucker hundreds of thousands into their hollow promises. And who was on the other end of the phone following company policy to give loans out even though they knew the people couldn't afford it? Well, the people you just described of course. These very people you sulk over support/ed Citibank in scamming thousands.

It is high time these lecherous criminal corporations are made to pay for their crimes against humanity.

And as for the collaborators? Well after WWII, woman who had fraternized with the Nazis had their heads shaved, then beaten and drove out of town. If your lucky, your people will only lose their jobs...

Its sad how 3 years ago this was unthinkable.

When I was finishing my finance degree we had to do an analysis of how sound the business strategy Citi was using.

Clearly it wasn't

reply to post by WatchNLearn


You missed my point.

Don't cheer and be happy about Citi losses and then go say your fighting those who screwed the rest the country. Those who call the shots never get affected; oh no, they might only pay themselves in the tens of millions. Please, think for a few seconds. The only ones being seriously affected by job cuts have nothing to do with executive decisions or policy

And the post was directed at you because you demonstrate, based on what I have read here of course, a ridiculously encompassing mindset that is aggrivatingly present and growing as of late.

Again to be clear this time: You are angry at Citi because Citi screwed thousands of people. Yet, you cheer when thousands of those very same people get chopped out of jobs and healthcare as cost reduction method.

Originally posted by WatchNLearn
It is high time these lecherous criminal corporations are made to pay for their crimes against humanity.

And as for the collaborators? Well after WWII, woman who had fraternized with the Nazis had their heads shaved, then beaten and drove out of town. If your lucky, your people will only lose their jobs...

This is exactly what I am talking about. What the hell are you talking about? Do you honestly believe that Citi is one large faceless thing, composed of thousands of people dead set on screwing you over?

Do you think everyone who have lost/will loose their jobs as a result of loss numbers like this are the guys making bad deals and shady loans?

'My people'...are a bunch of computer programmers and data transfer consultants. Real evil bunch of schemers and executives there.

How about you take some time and think before you open your mouth and maybe you won't damage your 'cause' so much when you talk.

With significant turmoil in the financial markets around the world, some analysts are thinking gold will skyrocket as investors flee to safety. One such prediction from Citigroup (NYSE: C) pegs gold at $2,000 per ounce - roughly 150% higher than today’s $800 per ounce.

Source

From what i know the price of gold has dropped, So have citigroup made a wrong investment in the gold market ?

spines

What are you so upset about this, Citigroup will take more tax payer money from us to fill the pockets of their investors in the middle east while the people in this country will still lose their jobs while getting screw by them.

But rest assure somebody's investments and wealth will be protected by your hard earned tax dollars.

Decided the Bank of America thread was a better place for my post. It's relevent to this thread but more so to the other thread.

[edit on 16-1-2009 by Jacob08]

I saw this today & instantly thought of something that happened on Monday at my sisters home. Her phone rang & it was Citi. They were calling to collect on her mortgage, BUT her payments are not only current but two months ahead. (she does this occasionally) She was pissy with the caller & for good reason. She showed me her caller i.d. history and Citi was all over it, two, sometimes three calls a day for the last month! All calls acknowleded she was ahead on payments, never been late on her payments in 10 years, but they were requesting she pay an additional payment for no apparent reason.

Could they be trying to get people like my sister who are current to put up extra payments to inflat their value? I can't think of any other reason for this.

reply to post by lynn112


She needs to make a complain with the better business bureau, just to make sure that is not a scam call.

reply to post by marg6043


She plans on doing that on Tuesday because even though they knew her payment amount, the date of the last three payments and her payment due date, she doesn't always trust caller i.d. information.

reply to post by marg6043


I'm upset that people cheer the losses/potential losses of thousands of middle-class, everyday jobs under the guise of "CitiGroup gets what it deserves".

People tend to forget that Citi failing would change nothing and would be even less in the way of justice. Those who deserve to stand trial won't and tousands more will continue to lose everything.

People like WatchNLearn seem to associate every worker in a large coorperation with the [snip]heads on top.

"Hard-earned taxpayer money...blah blah blah"...it's like someone hits a button and words pour out. People like that don't really care about the average American tax payer...if they did they would realize that they constantly cheer the means to an end: The laying off of tens of thousands of average American tax-payers.

Either they don't care or they don't think. They are happy with hoping the top layer will crumble if we drive enough holes through the base.

Simply allowing this form of cost-reduction to (and that's what it boils down to: cost-reduction) to pass as some form of natural evolution of market-justice is only going to allow it to continue over and over.

Those you wan't to see fall will just refill the holes and move on, leaving the expendables behind in droves.

Didn't we just give them something like $25 Billion a month or two ago?

Then they raised interest rates on their credit cards the same day (I opted out.)

So what did they do with the $25 billion we gave them?

Yes it was 25 billions but one of the major Arab Investors is one of the Saudi prince and his wealth is worth 50 billions so if he lost most of the 50 billions 25 was not enough so our tax payer money needs to pay for the rests of is withering wealth.

Interesting right?

reply to post by Ionized


Nothing productive I imagine.

They failed to extend a whole slew of contracts and dropped the ball on a few big deals in the process. Not to mention some big news stories about other banks backing out of deals and other negative press.

I still don't know how the executives there get hired. It has been a string of incompetant baboons going through that place for awhile now.