We think the recent sell-off has created some tremendous opportunities in the money center banks and the brokers, ... We'd be putting money into J.P. Morgan, which has had some lending to many of these companies that have had accounting problems. Citibank, we think, is going to do quite well and Morgan Dean Witter. So play off this negativity, buy some of these very good companies at very good prices.
Quotes about citibank (11 Quotes)
To say that Citibank has had more than its share of problems would be an understatement. In May, for instance, the bank agreed on a 2.65 billion settlement with investors who bought stock and bonds in WorldCom before it filed for bankruptcy. Later that month, the Federal Reserve fined the bank 70 million for abuses in personal and mortgage loans to low-income and high-risk borrowers. In June, Citigroup suspended two executives in China, citing them for presenting false financial information to Chinese regulators and to the bank itself. In August, British regulators began an investigation of a 13.5 billion bond trade that was executed by Citigroup. Then, in September, Japan ordered Citigroup to close its private banking unit there for, among other things, failing to guard against money laundering. That was apparently the last straw for CEO Charles Prince. After a very public apology to the Japanese people, Prince set about on a daunting task -- changing the corporate culture of the financial giant. Is it possible Yes, ... But it's not probable. There's very little meaningful change that can go on in an organization because of past investments, taken-for-granted assumptions, vested interests in the status quo, inertia and other deeply rooted factors.
Merrick Bank had the highest default rate with 35 percent, followed by Citibank and Providian, both with 29.99 percent. When a customer is actually at the point of completely defaulting, there may have been some signs before that time that the company could've picked up on and dealt with in a more humane fashion than what most credit card companies seem to be doing at this point, ... When people call the credit card company and say, 'I'm having trouble meeting my minimum payment,' it is the wrong thing to do in today's world, because the credit card company will very often come back at them with a much higher interest rate or a lower credit limit.
What did Citibank get out of it? It got the ability to reverse the arbitrage. Actually, what they got was the ability to give themselves a profit, and that saved the bank.
The deal we made was that if we would change our law to invite them to come to South Dakota - that's what they wanted, the invitation - if we would change our law to invite them to come to South Dakota, he would guarantee South Dakota 400 Citibank jobs.
I basically look at it as... if the guy hacked into Citibank and stole millions of dollars, would I hire him to secure my bank Maybe not.
Certainly the people put in as CFO and CEO would be the logical guys to turn to in a succession ... but I think it's ultimately going to be an outside candidate that can bring Citibank huge amounts of new revenues and earnings, ... Besides, I guess I'm one of those skeptics that doesn't believe Stanley is going to leave in two years.
Credit unions and smaller banks were actually quicker than most large banks to offer online services because of the relationship they had with vendors and their capability to integrate web operations into their systems at a reasonable sum. A bank like Citibank had to do a huge internal thing to get the system up.
The Citibank ATM network and other systems experienced a temporary service outage last evening. While our systems were restored by early Wednesday, we've continued to experience difficulties this morning.
Those 3,000 jobs in Sioux Falls, based on our population back then in Sioux Falls, would have taken 300,000 jobs in New York City to equal it at Citibank.
Citibank had nothing to do with getting reelected.