|
03-05-2008, 02:44 PM
|
|
Oh, yeah!
|
|
Join Date: Nov 2007
Location: Warm, sunny Iraq.
2,106 posts, read 1,618,964 times
Reputation: 1172
|
|
Citigroup cutting 30,000 jobs.
Citigroup in January slashed its dividend 41 percent, and has since November raised some $30 billion of capital from investors including Abu Dhabi, Kuwait and Saudi Prince Alwaleed bin Talal.
Investors suspect there will be more credit related write downs - and Citi will need to borrow more money to stay afloat. The question is where will they get the money?
|
|
03-05-2008, 04:29 PM
|
|
Florida & Military Life and Issues Moderator
|
|
Join Date: Aug 2006
Location: Living in Paradise
5,700 posts, read 6,590,157 times
Reputation: 2318
|
|
Quote:
Originally Posted by 70Ford
Citigroup in January slashed its dividend 41 percent, and has since November raised some $30 billion of capital from investors including Abu Dhabi, Kuwait and Saudi Prince Alwaleed bin Talal.
Investors suspect there will be more credit related write downs - and Citi will need to borrow more money to stay afloat. The question is where will they get the money?
|
A possible take over from another financial institution? |
|
03-05-2008, 04:43 PM
|
|
Senior Member
|
|
Join Date: Oct 2007
2,336 posts, read 1,768,836 times
Reputation: 944
|
|
|
Higher interest rates on their credit cards
|
|
03-05-2008, 07:59 PM
|
|
Senior Member
|
|
Join Date: Oct 2007
Location: ID
1,221 posts, read 999,418 times
Reputation: 574
|
|
|
This is what happens when you offer loans to people who really can't afford them.
And when people walk away from mortgages simply because their house is worth less than they owe on it.
Although, I must say I have had a Citibank credit card for almost 18 years now and I think their customer service has really gone down over that time. At some point that comes back to haunt a business too.
|
|
04-01-2008, 03:46 PM
|
|
Oh, yeah!
|
|
Join Date: Nov 2007
Location: Warm, sunny Iraq.
2,106 posts, read 1,618,964 times
Reputation: 1172
|
|
|
Citi is now putting its credit card business into a single unit.
Sounds like they're about to sell it off...... to me.
|
|
04-01-2008, 03:58 PM
|
|
Senior Member
|
|
Join Date: Dec 2007
10,012 posts, read 5,065,253 times
Reputation: 6923
|
|
|
And yet their stock price rose 7% today. A year from now, after the write downs, they'll still be around. A little sadder, a little wiser, but they'll still be around.
|
|
04-01-2008, 06:22 PM
|
|
Senior Member
|
|
Join Date: Feb 2008
787 posts, read 548,033 times
Reputation: 416
|
|
|
That stinks. Citigroup also had division called First Collateral Services in CA that did warehouse lines for Correspondent lenders A.K.A. brokers with a line of credit to fund there own loans. More unemployed mortgage personnel in CA equals more people in danger of losing there homes. Crazy.
|
Please register to post and access all features of our very popular forum. It is free and quick.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Linear Mode
