THE Citigroup Thread (merged)

mekrob · **Joined:** Fri Dec 09, 2005 1:00 am **Posts:** 2644

CitiGroup cuts 17,000 jobs
CNN

Quote:

NEW YORK (CNNMoney.com) -- Citigroup said Wednesday it is cutting 17,000 jobs in its first major overhaul in 10 years but some industry analysts said the cuts could be the exact opposite of what the nation's biggest bank needs.

In addition to the cuts, the New York-based bank said it will move 9,500 jobs to "lower-cost locations" - with about two-thirds of those jobs being moved as the positions become vacant.
charles_prince_citigroup.03.jpg
Citigroup CEO Charles Prince is under pressure from shareholders to restructure.
Citigroup announced it is eliminating about 5.2 percent of its workforce. CNN's Ali Velshi reports (April 11)
More in banking: Hidden deals colleges are cutting with banks to market credit cards to their students. (April 9)
The restructuring affects 8 percent of Citi's current work force of 327,000 full-time employees.

Eli · **Posted:** Wed Apr 11, 2007 9:38 am

This is just another in along line of banks that are moving their operations to China and India.

This is definitely a bad sign for the US in particular. The big banks are done with the US and they see the writing on the wall. Right now they are doing all they can to get into the Chinese financial services market.

The money makers look at the US and they do not see a lot of opportunity for growth, they have done all they can. The housing rise scam being one of their best ponzi schemes ever.

This is a growing trend we are seeing you have to look closely but the bankers are taking actions that prove they are becoming disillusioned with the US.

PrairieMule · **Posted:** Wed Apr 11, 2007 9:40 am

The Giant mortgage company I work for began outsourcing to India for document archiving and IT support. It's the beginning of a long trend.

TommyJefferson · **Posted:** Wed Apr 11, 2007 12:05 pm

I didn't see in the article if the new, lower-cost location is someplace like St. Louis, or someplace like Bhopal.

mmasters · **Posted:** Wed Apr 11, 2007 12:29 pm

They're just preparing for the new world banking system.

They paint it as a bad thing downsizing their US presence (while on the other hand increasing their global presence). A power play in disguise.

Expect Morgan-Chase, Bank of America and others to follow similarly.

The US is a bloated elephant at this point.

Eli · **Posted:** Wed Apr 11, 2007 1:06 pm

Bank of America deal with China

Quote:

Morgan Stanley: buying into China
3rd October 2006
By Ingo Nachbaur
Morgan Stanley has secured a Chinese banking license by acquiring Zhuhai-based Nan Tung Bank.
Morgan Stanley has acquired Nan Tung Bank, a small bank based in China's Guangdong Province. Although the Chinese bank has only one branch and less than 40 employees, the deal provides Morgan Stanley with a much sought-after banking license for the Chinese market, and thus could well prove a shrewd investment.
'Content Nan Tung Bank was formerly part of a Macau-based unit of Bank of China, offering a comprehensive set of commercial banking products and services, including deposits, home mortgage loans, corporate loans, foreign currency exchange and remittances, trade and credit facilities to both individuals and corporate customers.

They are all moving towards China and as they do they will preach to us how great Globalism is while we starve in the streets.

Globalism does nothing but make the rich richer and even more powerful. World government and ubberrich scumbag overlords here we come.

threadbear · **Joined:** Sat Jan 22, 2005 1:00 am **Posts:** 7917

Eli wrote:

This is just another in along line of banks that are moving their operations to China and India.

This is definitely a bad sign for the US in particular. The big banks are done with the US and they see the writing on the wall. Right now they are doing all they can to get into the Chinese financial services market.

The money makers look at the US and they do not see a lot of opportunity for growth, they have done all they can. The housing rise scam being one of their best ponzi schemes ever.

This is a growing trend we are seeing you have to look closely but the bankers are taking actions that prove they are becoming disillusioned with the US.

Great post. Sums up EXACTLY what is going on. It may just be a matter of time before Americans are the ones building all the cheap crap for the Chinese. It's a real possibility if the elites can pressure the Chinese to let their yuan float.

Tyler_JC · **Posted:** Wed Apr 11, 2007 3:41 pm

"Operating expenses soared 15 per cent last year to $52 billion, while revenue rose 7 per cent. Last summer, Saudi Prince Alwaleed bin Talal, Citigroup's largest individual shareholder, called on the bank to make "draconian" cuts."

Did you miss that line?

Expenses are rising twice as fast as revenue!

The largest shareholder is angry and wants Citigroup to cut costs.

Citigroup had a bloated system with too many chiefs and not enough indians.

If this trend continues, then we might be on to something. But for now, this is an isolated example of one company trying to cut costs in order to remain competitive with its peers.

This is not an industry in decline, at least it does not appear to be at the moment.

mmasters · **Posted:** Wed Apr 11, 2007 4:11 pm

Few years old but should give you some idea of this guy:

Quote:

Some of Alwaleed's holdings and recent acquisitions include:

- The single largest shareholder in Citigroup, the teetering U.S. financial giant, which is reported to have a derivatives bubble of more than $12 trillion and has reportedly sought recent emergency assistance from the Federal Reserve. On July 18 Alwaleed made an additional $500 million purchase of Citigroup stock, raising his estimated shareholding to $10 billion.

- Alwaleed also owns, according to an August 9 story in The Guardian, three percent of the total shares of Newscorp (Fox), making him the second-largest shareholder behind Rupert Murdoch.

- Alwaleed's other significant holdings include Apple Computer, Priceline, The Four Seasons Hotels, Planet Hollywood, Saks and Euro Disney.

- Alwaleed also sits on the board of directors of the infamous Carlyle Group.

http://www.fromthewilderness.com/free/w ... bia_1.html

Also: http://www.kingdom.net/
http://www.nndb.com/people/242/000094957/

Eli · **Posted:** Wed Apr 11, 2007 8:19 pm

I hear ya Tyler

No one has said they are going tits up

Au contraire mon frier

They are just making a wise business decision.

Quote:

But the results of Citigroup's international expansion will ultimately determine Prince's success. Citigroup is far ahead of its U.S. banking rivals in developing business opportunities in international markets, which promise much higher growth rates for financial-services companies than the relatively mature U.S. markets can offer, even though large foreign investments (such as Citigroup's stake in China's Guangdong bank or Turkey's Akbank) do take time to pay off.[url]=http://www.fool.com/inlvesting/dividends-income/2007/01/23/citigroup-faces-its-critics.aspx]link[/ur]

Here is what I find the most disturbing about all this.

All these banks sit on the Board of the Fed and work in the creation of our money system ( that is the United States). What happens when these Banks have more at stake with what happens in China than they do the US?

Putting on my tinfoil hat, I think the biggest banks get together and sink the dollar this of course leads to serious problems with the Yuan. But these douches make money on the way down and then are able to further weasel their way into China.

Sink the dollar sink the Yuan and then hold your self out as the guy to fix the problem that you created.

This is basically the same scheme banks used to gain control of US currency

Baldwin · **Joined:** Mon Feb 05, 2007 1:00 am **Posts:** 528

Besides banks sinking the yuan and dollar, something else needs to be considered.

Where are young people going to find jobs anymore? The entry-level positions that a fresh college graduate would take are being outsourced.

Kingcoal · **Posted:** Thu Apr 12, 2007 7:50 am

I've been waiting twenty years now for the microscope of downsizing/rightsizing to focus on the financial industry. To my eye, it's fantastically inefficient and bloated. There is level after level of personnel which can be eliminated.

Armageddon · **Posted:** Mon Oct 01, 2007 7:13 am

Just the beginning

mmasters · **Posted:** Mon Oct 01, 2007 9:18 am

Yup, and Oct 19th is the 20 year anniversary of the 1987 crash as well as the next business day, Oct 22nd, is the 100 anniversary of the Panic of 1907 which created the federal reserve.

strider3700 · **Posted:** Mon Oct 01, 2007 11:58 am

Well the 1907 panic was created by the people pushing for the creation of the federal reserve. How did they gain from the 87 crash?

THE Citigroup Thread (merged)

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