A great day at work...

[BigJim13]

So as some of you may know I work in the banking/mortgage industry and for one of the Hardest hit companies in the US today-some because of their own doing no doubt. I work for Citi group.

If anybody saw the news yesterday Citigroup's stock is tanking, about $3.50/share down from $30/share this time last year. The execs decided to split the company into 2 groups- "good bank and bad bank" as the media put it. Anyway the company within Citi that I work for is in the "bad bank" group and they told us yesterday that Citi is looking to unload us-ASAP. So after a few rounds of layoffs, being told that more were on the way-just don't know when or who-now we get to hear we will be sold. Don't know how this will affect my job-maybe not at all or maybe I won't have a job at all-who knows.

All this was told to us by email and conference call...gotta love Corp America baby!!!

This sucks and thanks for letting me vent a bit....

 

[Clugnut]

Bummer. I hope the best for you. From everything I've heard you say, if everyone in the banking industry had your common sense, we wouldn't be in this mess in the first place. Keep your head up!

 

[mddubya]

Hang in there Jim. Hopefully a stable company like Wells Fargo or one similar will buy ya'll. :thumbs up:

 

[warbirdlover]

My home loan was taken over by Citi a month after I bought it. So far they've been alright. Hope it works out for you BigJim...

 

[Slingblade61]

can you "fix" my auto loan before you leave?

 

[Wi-Golfer]

Hang in there Jim. Hopefully a stable company like Wells Fargo or one similar will buy ya'll. :thumbs up:

Hate Wells Fargo with a passion.

 

[BigJim13]

can you "fix" my auto loan before you leave?

If I had that power you would be first on my list Sling!

 

[BigJim13]

Hang in there Jim. Hopefully a stable company like Wells Fargo or one similar will buy ya'll. :thumbs up:

That is one of the companies that is rumored. Although we bought all of Wells Fargo's personal Loan portfolio a year or two ago. I guess now they could buy them back at 1/2 price LOL.

I thought that Bank of America might be a player but they just needed to get more "bailout funds" from the govt-so who knows?

I guess I am a litte better off in VT, due to their VERY STRICT banking and Insurance regulation most of the National banks like BOA, Wachovia and even Citibank were not allowed in the state. So if we do get bought I at least stand a 50/50 chance of keeping my job. I don't know if that is good or bad LOL.

Anyway I guess I should go update my resume...

 

[mddubya]

Hate Wells Fargo with a passion.

I haven't kept up with the stability of banks and lending institutions to be honest. I was simply basing that on the fact they were the overseers of my retirement and 401K before I was laid off. It fared far better than many I have heard and read about. Also, they were stable enough to be able to buy out Wachovia.

 

[ClairefromClare]

Good luck, Jim--you'd of thunk Citi was too big to fail. Not so sure anymore. Ditto Bank of America.

Somehow I doubt the entire financial system will implode, leaving us to barter canned goods for kerosene (and Clark's arsenal), but good luck figuring out who the survivors will be!