Citigroup Considers Shrinking Banking Branch Network In U.S. & Canada

September 24, 2009 by · Leave a Comment
Filed under: Industry News 

It is surprising after Citigroup’s bid for Wachovia’s banking business, they are now looking to shrink their retail banking operation.  Usually, this is the “bread & butter” for any banks profits, using customer deposits to make new loans against.  With everyone calling for more loans to help create growth in the worst recession since The Great Depression.  This move seems counter-intuitive but I am not on the inside so there may be other facts that are leading management to this possible decision.  We will have to see how this pans out during Citigroup organizes itself.

Bloomberg, New York – Citigroup Inc. may sell or shut some of its 1,001 branches in the U.S. and Canada as the bank shrinks following last year’s $45 billion federal bailout, a person familiar with the matter said.

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Citigroup replaces CFO and other top management

July 9, 2009 by · Leave a Comment
Filed under: Industry News 

That is a good sign, we need to see these bad actors out of the system as we try to restore confidence.  I believe there are criminal charges to come as well.  There is a very slim chance that will all this bad accounting and off-book transactions, no laws were broken in the process.  I want to see more criminal inquiries and investigations to get to the bottom of this crisis and to set the proper precedence going forward for our next generation of bankers.

News (Reuters):

Citigroup Inc on Thursday announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake.

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Citigroup to buy Wachovia banking assets

September 29, 2008 by · 1 Comment
Filed under: Bank Failure, Industry News 

Along with National City, these are the next shoes to drop in this financial crisis. This is normal workings in the market after such a huge bubble that we should be accepting to see this happen. It would be more worrisome if we did not see bank failures and some plan to keep failed banks solvent. You might think that a plan like this is already in the works and you are correct. I am surprised to see Citigroup buying other banks asset when they are one of the most leveraged institutions in the market. What is also interesting is the fact they are opening themselves to $42 billion in bad loan exposure.

Press Release:

Citigroup Inc will buy the banking operations of Wachovia Corp in a deal brokered by the Federal Deposit Insurance Corp, the FDIC said on Monday.

The deal comes as authorities step in to rescue three European banks and as U.S. lawmakers prepare to vote on a $700 billion bailout of U.S. financial firms.

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Citi Mortgage Bank REO Properties

July 27, 2008 by · 5 Comments
Filed under: National REO Banks 

Citi Bank through its subsidiary CitiMortgage has its REO listings available on its website.  It is a pretty clean website with a robust search function.

At the time of this writing, Citi has only residential REO listings with single and multi-family property listings.  Citi has listings for almost every state in the U.S.

The listing themselves do not have pictures or any additional information about the real estate.  They do list the brokers phone number.


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