Comments on: Citibank (NYSE: C) Earnings Disappoint Shareholders and Analysts

By: Rakesh

Rakesh — Mon, 09 Nov 2009 06:41:14 +0000

Look at the positive side guys atleast it is not making losses

By: Anonymous

Anonymous — Mon, 19 Oct 2009 09:59:46 +0000

Why would you, or anyone, deal with Citibank now anyways? You're just paying for their stupidity through your own bank fees – you paid the government your taxes, which they lent to Citibank, and now you're paying Citibank to repay those loans with interest. So you've just cleared Citibank of any financial responsibility and you're making the government money which they can waste on any moronic pork-laden socialist bill they want to pass.

By: Mike

Mike — Sat, 17 Oct 2009 23:31:47 +0000

WOW, 29.99. I can *not* imagine who would use that unless they were desperate, poor sob, like lost job, no health insurance, can't buy food, hanging on by fingernails. Unfortunately, lots and lots of people in that situation in the USA today. Does anyone believe that unemployment is less than 10 percent today? Not me, its gotta be 20 percent. Millions of folks lost union auto worker jobs, can't find anything to replace their job, and no longer considered unemployed.

By: Rod Crossland

Rod Crossland — Sat, 17 Oct 2009 22:40:19 +0000

Citibank just needs to go out of business. I have a high credit score, a household income above $100K, and a perfect payment history on credit cards. Today, I received a letter from Citibank that they were raising my APR to 29.99 on purchases? Are these people smoking crack? I immediately called and opted out of the new term which means when my card expires I'll have a closed account. That's fine with me. I typically carried a $1-5K balance on my card for 6 months of the year, so they were making some money servicing my account. By doing this moronic rate increase, they are driving away responsible credit worthy customers. The only suckers that would pay that high of an APR are people with bad credit.

I see more and more customers leaving this company. They are completely out of touch with reality when they do actions like this.

By: Citibank Earnings Disappoint Shareholders and Analysts - Smart Incubator Blog

Citibank Earnings Disappoint Shareholders and Analysts - Smart Incubator Blog — Sat, 17 Oct 2009 13:17:09 +0000

[...] http://www.americanbankingnews.com/2009/10/16/citibank-nyse-c-earnings-disappoint-shareholders-and-a... [...]

By: gksharma

gksharma — Sat, 17 Oct 2009 10:15:51 +0000

It is basically very simple.
1. Jobs have been exported out, that has increased joblessness.This was done to increase the Company profits so that the CEO's and the other executives could cash bonuses.
2.With large number of jobs disappearing and the paycheck disappearing, the American Consumer does not have the buying power it once had.
To enrich a few we have weakened the overall system.
3. The Country was duped with excessive flow of credit. The Politicians and the Bankers let it happen to meet their own goals.
4. The problem is more fundamental than Analysts. Travel is a good eye opener. I travel excessively for the last 40 years. I saw the glory that was USA, and I see the same signs in Asian Countries now, that I saw in US in 1960's.

By: JC

JC — Fri, 16 Oct 2009 18:09:13 +0000

Actually, it was providing Americans with too much credit that got us into this mess in the first place. Americans were running on more credit than they could actually afford, which lead to the inability to pay back their loans and finally a crash of the system. It is natural that banks will become more stringent after the severe losses they incurred from all of the loans they were giving out (practically to anyone with a job). I agree that banks should eventually loosen their credit policies but in the fragile state the banking sector is in, banks should be careful with who they are loaning money out to and for what purpose. We cannot afford another case of Indymac.

By: Nandi

Nandi — Fri, 16 Oct 2009 16:49:41 +0000

Wall street just proves their mistrust for their analysts' estimates. Whats the point of all these analysts working so hard publishing their estimates, when the street is only going to look at the final number and make irrational decisions?

By: Munish Arora

Munish Arora — Fri, 16 Oct 2009 15:13:42 +0000

The banking sector would not improve until banks understand good and bad credit more diligently. In my opinion, the current credit models do not provide banks with correct picture of credit for a large number of individuals who are potential customers. Due to the weak economy, Banks have become overstrict than needed such that even a large % of genuine Americans do not get credit.

The risk taking aptitude has to revive with banks constructively. Banks and Government need to invest more in credit risk estimation models and hire firms/inidviduals that can provide more accurate, more sophisticated credit risk models as per current economic situation than current old credit rating models.
Mr Pandit or Mr Lewis or others can keep giving statements about how challanging it is currently, but reality is there needs to happen revolutionary changes in american credit rating system.