Why Citibank Branches Are Closing Around The World
Вставка
- Опубліковано 14 тра 2024
- After the company’s collapse during the 2008 recession, Citi’s stock has continuously struggled. Shares of the company saw more than a 30% drop over the last 5 years. In 2021, CEO Jane Fraser announced a bold shift in the company strategy, exiting 14 consumer markets outside of the U.S. and instead doubling down on wealth management. It’s a tactical move that several other major banks like Bank of America and Wells Fargo have adopted in recent years. So will Citi’s bet pay off and can the company return to its former glory?
Chapters:
00:00 - Introduction
01:37 - New direction
04:35 - Rise and fall
07:23 - Revenue streams
Produced & Edited by: Juhohn Lee
Animation: Christina Locopo
Supervising Producer: Lindsey Jacobson
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Why Citibank Branches Are Closing Around The World
Sadly, banks continue to stumble, mortgage rates is on the rise with higher imports and lower exports, yet the FED is to lessen cost. So, where do we grow and safeguard our money now? something will eventually break if they keep raising interests and quantitative tightening.
ideally, you should consider financial planning to get the best results with your money, notwithstanding economy situation
- Well agreed, I'm quite lucky exposed to finance at early age, started job at 19, purchased first home at 28, got married shortly afterwards to raise kids early. Going forward, got laid-off at 40 amid covid '19 outbreak, immediately consulted with an advisor in order to stay afloat and after subsequent investments, I'm barely 25% short of $1m ballpark goal as of today.
@@AbdoolLogodesign that's incredible! would you mind if I vet your advisor pleas? started investing in stocks november 2022, but not confident to make the correct investments as of now, seeking professional help to achieve my financial goals
I personally have my portfolio overseen by California-based wealth advisor and fixed income strategist at that 'Julie Anne Hoover' well established and you'd find her professional bio on the net. However I suggest you look closer to home, sometimes to move certain amount of money I am required to be in California.
@@AbdoolLogodesign thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?
True, a lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $450k so far.
@@TomD226 Can you leave in details about your investment advisor here? I’m in dire need for one.
@@lowcostfresh2266 My advisor is Laurel Dell Sroufe, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@TomD226 Thank you for this tip , I must say, Laurel appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Great time to invest in Tech stocks. The so called “Magnificent Seven” stocks are still low. To listen to people say wait, this is opposite of what to do. Buy low today, sell high in a few years.
I guess they will triumph .Recessions are an inherent aspect of the economic cycle, and the key is to get ready and adapt. I entered the workforce during a downturn in 2008. My initial job out of college was as an aerial acrobat on cruise ships. Presently, I hold the position of VP at a global corporation, own three rental properties, invest in stocks and businesses, operate my own company, and have grown my net worth by $500k in the past four years.
How can I get in touch with your advisor? I'm interested in finding a more effective investment tactics for my savings.
Fascinating. I'm currently on her webpage, conducting my research. She appears to be quite skilled. I've sent her an email and scheduled a phone call.
Hope you have purchased your new financial system XRP and XLM as recommended?
The markets are still doubtful that the Federal Reserve will keep to its plan to raise interest rates until inflation is under control, even if bond yields are rising while stock prices are falling. What is the greatest method to profit from the current bear market while I'm still deciding whether to sell my $401,000 worth of stocks?
We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVB's collapse. I've never felt secure keeping a large sum of money in a bank. In other words, I invest through my financial advisor, reap the benefits, and then spend the money.
Although the economy has so far held up, the SVB scenario serves as a warning that Fed rate hikes are still having an impact. At times like this, investors must be vigilant about the next inevitability. You don't have to act on every forecast, therefore I'll advise you to hire a financial counselor. This has been my fallback position for a while.
@@jonesfred56 Could you please inform me how to use their service to get in touch with this particular coach? You seem to know everything, unlike the rest of us."
@@thomaslewis514 without a doubt It's funny you brought it up because I completely understand. Ruth Loralann Brennan, can be found; she received a lot of attention in 2020. I'm not sure if I'm allowed to say this. She also manages my portfolio.
@@jonesfred56 I just looked up this person out of curiosity, and surprisingly she seems really proficient. I thought this was just some overrated BS, I appreciate this.
I still blame the FEDs for this, because in the end they benefit by either buying off the failed banks cheaper or something. The fed can print credit as long as someone will borrow it into existence, but they cannot print product (or production).
People are going through real life crisis, think now is not a time to point fingers. Everyone should always be prepared for the unexpected to happen. That is how randomness works.
@@sattler96 You're right ! Now that the market is in decline, I know what I want to do, but I'm not sure which stocks to buy, which investments would yield the best profits, etc. The potential gain is greater due to the risk, and professionals are better at negotiating such exact contracts. Right
Indeed, I started investing in 2018 with no prior knowledge or expertise, and by the end of 2019 I had earned a profit of approximately $750k. I had simply been following the guidance provided to me by my financial adviser. This shows that you don't even need to be a great investor or put in a lot of effort; all you actually need is a professional to help you.
Personally I work with Colleen Rose Mccaffery registered investment advisor. She’s Quite renowned, search her name to get in touch
@@Nernst96 Super interesting that both you and @Mussa653 joined UA-cam at the same time last year! 🤔🤔🤔🤔🤔
They have the worst customer service which is why I refuse to do business with CITI. Years ago I had issues with an international wire transfer where it was stuck in their bank for 9 months. I literally had to fight every week to get my money back. Since that experience, whenever a company switches their credit card to CITI, I cancel right away - Costco, LL Bean, Thank you, etc. I refuse to give them any of my business - no banking, no cards.
Cool.
I know exactly what you mean. I have also been dealing with their customer service for almost a year until I managed to half resolve an issue. But still not fully resolved! Class action lawsuit please?
Let's process this for a second: "They haven't been profitable *enough*... it's not that they're teetering on the edge."
Millionaires and billionaires are just wild. Big banks being deemed "too big to fail" is the antithesis of capitalism.
That's the case with ALL western businesses. Always has been.Unsurprising.
Just stop making bad loans 😆 you'll be good. We've seen this movie before, it's called, _"All cash, no consequences"_ starring the blank government welfare check that gets signed to any bank too big to fail.
@@OkagaCaliforniaabsolutely. This entire video is just sad
Citibank is better for normal consumers
Citi Consumer Banking service was available in India for more than a century. I have been a customer of Citibank India for more than a decade until March, 31st when Citi consumer banking business ownership was transferred to Axis Bank. To be honest Citibank services were better than the other banks in India and I am still using an account and a credit card with citi name on it, sadly it will soon be changed to axis. I was happy with all Citi's banking services.
how's axis bank thought whats the minimum bal for saving acc?
@@sachin2842don't go for axis too many hidden charges
Honestly, I've had pretty good dealings with Citibank. In the financial crisis, they didn't cut my credit limit like so many other banks did to me. Never a late pmt and high FICO and bank of America cut my lines of credit amd reduced my limits...including JP Morgan after they took over Washington Mutual.
Greetings,
I guess you're aware of the upcoming global reset and new banking system,save yourself and money while you still can by joining the QFS to avoid been a victim of the banks,
I mean same here.. I've been with Citibank for a very long time and they've always treated me very well.
I blame the FEDs for this, because in the end they benefit by either buying off the failed banks cheaper or something. The fed can print credit as long as someone will borrow it into existence, but they cannot print product (or production).
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180,000 savings to turn to dust
You guys downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.
Cant reveal much info,Kate Elizabeth Amdall is the shrewd advisor responsible for my portfolio success, it's only right you look her up and confirm yourself.
I just checked her out and I have sent her an email. I hope she gets back to me soon.
Not surprised, Citibank has been outsourcing American customer service jobs for years to foreign countries where agents can barely speak English while trying to resolve customer service problems in America. I closed my Citibank accounts because of the Banks absence of Patriotism.
I knew Citi was doomed when they stopped sending the happy birthday email last year; when I used to get it every year without fail. LMAO
check your spam mail
This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the MYSTICFLIP on the internet movement when I say ancestral your a gift to our people
I am in my last 20s and I worked for Citi Bank in the Technology Division, there is a clear lack in motivation in the team where I worked, my superiors always used to post high critical activity. No one wants to take any responsibility and will wait for last day for any kind of major implementation. I worked with 3 different teams over there and every body had a same attitude. Most of the supervisors are in late 40 to mid 50.
Mid 40s, so at their prime? Who wants a hormonal kid managing critical infrastructure
Citibank website is laughably bad. The same can be said about its Android app. Whoever made those are grossly incompetent. This goes to show how backwards banks are. C is not unique in this. Chase is just as bad.
Not going to lie, but we are actually really proud to have an employee like you as part of the team. The job is done so gracefully and neatly. Very well done, dear MYSTICFLIP . First of all. Thank you for making the work environment so friendly and taking your responsibility seriously and completing the work gracefully! You deserve so much.
Yea Navy federal gave me a really high limit.I applied and was denied at first so I got a MYSTICFLIP on the internet ,and I was approved for a capital one.The limit was so small lol but I took it and worked on it.Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit.they're still working on increasing the capital one since it was so low.All in all I’m satisfied.
As a former Citibank customer their back office/legal department take too long to get simple things done.
They are very big on tech. They sent out online banking diskettes in the early 90s.
It’s true. It recently took Citibank over 40 days to setup ACH on a business account. They don’t turn it on by default, like every other bank.
In contrast, two other banks had accounts with full features available in about five minutes.
Citibank is spending a lot of time figuring out how to cheat/scam you.
@@alb12345672 If they are big on tech, then their only hope is to be replaced by AI. I say this because their people-based customer service stinks. Unfortunately the hotshot big bosses have never tried it and so no one in the company seems to care.
This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the Mysticflip on the internet movement when I say ancestral your a gift to our people
I still remember when Citi was seen as a rich people's bank here in Brazil and only had branches in wealthy neighborhoods. They sold the business before the pandemic to Itaú.
Citi was one of the best bank in the world but lack of local promotion to top country management was the main reason of it’s down fall. Over the years the quality services was replaced with medicore service. Many good upper and mid tier managers left and the outcome was bad results
Citi goes out of its way go provide bad service
ua-cam.com/video/02_atwmhNSk/v-deo.html
How far back? Even 20 years ago, Citi was one of the most incompetently run banks in the world. They offered what sounded like great services, such as instant, fee-free foreign transfers to other Citi accounts. Then they were so incompetent that such transfers could go missing for days without them being able to explain how! Mediocre service would have been a dramatic improvement.
All the Banks are in trouble, They been lying to you all the time. They will not tell you the truth.
Greetings,
I guess you're aware of the upcoming global reset and new banking system,save yourself and money while you still can by joining the QFS to avoid been a victim of the banks,
Hi everyone, I'm a business owner. I've been looking for some guidance on how to invest my money wisely and plan for my retirement.
@@caseymuller3480 I'm also a professional. I'm interested in learning more about *Robin Brezik* . What do she do exactly?
@@caseymuller3480 That sounds impressive. How do you know she is trustworthy and qualified?
@@caseymuller3480 Thank you for sharing your experience with me. I think I will give check her out and see what she can do.
I am a Citgold, and i am fond of Citi because it has been used by my family of 3 generations as our investment options and business needs, and we know a lot of the Citi people who are really nice people. Hope they will still be around for generations to come
Its not the business model that has failed, Bankers will always exist. Its poor management, excessive risk taking and exorbitant salaries that have led to the fall of citi. One of there exiting executives was paid a 100 million to leave the company!
Thank you so much MYSTICFLIP for my SBA approval. I understand the terms and conditions of the loan disbursal and will make sure that I return the loan amount in the stipulated timeline. As I have already taken insurance for my new Business that I am planning to open in California LA. My business details and owner details have been submitted in the bank and I will be submitting the further details as well as and when the times comes.
I am really worried about the current bank crisis. If a bank as big as SVB could fail, I fear for a lot more. I know a friend who is running a high-growth startup, and was badly hit by the bank run. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to$250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?
We underestimate the fact that banks are corporate entities also governed by greed. Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply invest through my financial advisor, collect my profits, which I then spend.
@@BillAdamson-bp9ff I have learned to not trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a financial advisor, and it has been paying off, and I'm never going back to banks full time.
@@AndrianWiener This sounds really interesting. I've been thinking of pulling out my money too. Could you recommend who your advisor is? I could really use some help.
@@BillAdamson-bp9ff
Rich is not only valued by stuff and money, your wealth is also health, peace, love and happiness and freedom
@@IrenaDolinsek Oh,
Citigroup already sold Philippine retail banking operations to Union Bank of the Philippines (UnionBank).
I am feeling sad because I lack the ability to analyze the performance of each company I am investing in. I am unsure if it is a favorable time to purchase stocks. Additionally, my reserve of $450K is losing value due to inflation, and I am uncertain about the appropriate course of action. I need reliable data regarding the direction of the market.
For me, It all boils down to technique, the downtrend leaves room to key in on the market and grow-substantially whether in the long or short run, it's only just easier to make profit when the market is green, a downtrend provides an equal high-yielding avenue if you have the requisite set of skills and knowledge, reason I've been using an investment-adviser to scale up in this hard time, only way I was able to raise upto $750K in the last 8months.
Exactly! I've been studying and researching a ton lately because I don't want to miss out on any opportunities.
@@murphywags3096 Oh, I totally get what you mean! Lately, I've been checking out advisors too. The market news has been pretty discouraging, right? It would be so helpful to have someone to guide us. But I wonder, do advisors actually make a significant difference?
They are solid at their jobs, I had the opportunity of working with one in the past and it was actually immensely helpful
@@murphywags3096 Mind if I ask you recommend this particular coach you use their service?
I dropped Citicard because after canceling my card, they reactivated it on their own when a yearly charge came through from a website I forgot I had a subscription to. In my opinion, they should have declined the charge. It infuriated me because it took a long time to cancel the card the first time.
That is the norm. If you close an credit card account and you have pending charges as a subscription,
the terms of your credit card agreement are still in effect. This means you're responsible for paying any future balances.
@@boyguapito1 had the same problem, but it's the annual card fees that came through. It takes me hours just to explain that the card was closed, and they charged the annual fees for it, that was downward stupid.
@@boyguapito1 They were not pending charges. They came months after I had canceled the card.
Their customer service is horrendous
5:00 - But in 2002, Citigroup spun-off Travelers insurance business into an independent company. (until Travelers merged with St. Paul in 2004 and became St. Paul Travelers) Citigroup retained its Red Umbrella logo until Citigroup sold the rights of the Red Umbrella logo to St. Paul Travellers and renamed Travelers Companies in 2007. and Citigroup adopted the current "Citi" logo.
I remember back in 2007 I applied as an agent for Citibank credit card. I undergo a training, and I'll never forget our female trainer who was at that time pregnant (she was entertaining btw) told us that Citibank was the biggest bank in US with billions of $ of asset, literally too big to fail and it is impossible to get bankrupt. Well I guess she was right at the time, because as shown in this video Citibank was worth $2 trillion in 2007. But now it looks like no company is immune to verge of collapse nowadays. Unfortunately, I back out at the training as soon as I realized that selling Credit Card was not as easy at it seems.
Greetings,
I guess you're aware of the upcoming global reset and new banking system,save yourself and money while you still can by joining the QFS to avoid been a victim of the banks,
Citi used to be such a force in Malaysia but over time , many local banks have outgrown them .
I used to be an account holder and their credit card holder.
Citi was relentless in pursuing short term profit and ignoring long term fundamentals.
The banking services suffered.
I used them less and less and less.
Now, they just sold the Malaysian business to another bank.
It is smart,…….cut and run and cry all the way to the bank….haha.
as a Malaysian, i'm Citibank used also, but since they quit Malaysia market, i transfer my business loan and credit card service to Sumitomo Mitsui banking and Standard Chartered bank, i agree with you, in 90s Citibank is a main player in Malaysia, now different already.
I appreciate the knowledge you've provided. But this administration has putting so many families into difficult situations, I pray for our country, we need compassion for the American my country.
Things are getting worse these days, if you don't find a way to multiply your income, you might wake up one day to realize you did not mean well for your family
Most family are struggling to survive. meeting Mrs Alyona Lewis has brought me great success. Even with the economy situation I'm still sure of my $ 15,000 weekly
That woman is really amazing I still can't believe someone can be this exceptional when it comes to trading crypto.
Are you talking about *Mrs Alyona Lewis
Yes, she does and is very accessible with the username..........
I am from the Philippines and being a Citibank credit card holder I can say that I really like Citibank services; no annual fee, deals and promotion, customer service, etc. It's just so sad that another local bank is managing it now😢
Yeah 😢😢😢
Ahhh so that's what it is. Unionbank bought it. Good services indeed. BPI still the best IMO.
Its Mobile app is reliable too
Glad using CitiPH since 2018 here
Long term employees there are abused to the point of psychological distress. One longtime manager told me he figures 40% of employees take anti depressant medication. When I transferred to another job (another bank) my new coworkers laughed and said 'this bldg is full of Citi refugees'.
Their sale of Smith Barney was a bad move - it gave their retail branches a cache and upsell option to higher net worth customers that is now gone. A citi branch now is undistinguishable from a TD branch.
Yeah that was a colousol f up but believe it was forced due to its bail out.
TD?
TD - Toronto Dominion, one of the top 5 Canadian banks
Bruh, don't say that. I used to have TD bank and it was horrible. Lol I need citi bank for when I travel to the Philippines.
We’ve had a citi bank in my country for years and it honestly feels like it’s used for money laundering because they literally don’t ever advertise themselves or sponsor any events in fact I don’t know any one that even uses it.
Good! I am glad they aren't profitable. Their mortgage calculator was misleading. It told me I was approved for a 350k home but the underwriting told me I was only approved for a 175k mortgage. That is a huge difference! I am glad I never went through with the purchase. I don't trust them after all that.
The economy is already in shreds sadly 😔 . A bank crash or crash in the stock or real estate markets has less of an immediate impact on people's standard of living than inflation or currency devaluation. That the market is so negative at the moment shouldn't be shocking. If we are to survive in this economy, we need assistance right away. The ETF and stock markets are still quite volatile, just like the property market. Now all that's left of my $370K portfolio is ruins.
Many people are still getting fantastic returns on their investments during this time. Simply maintain a strong sense of reality or ask for professional assistance.
I prefer to seek the advice of financial consultants when making my daily investment decisions, especially since their expertise is focused on short- and long-term holdings for profit realisation and because of their specific research, it is almost difficult for them to underperform. I've been investing with my consultant for just over two years, and during that time we have already generated sizeable net profits.
@@trazzpalmer3199 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
My advisor is Salvatore Fortunato Sofia, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this tip. It was easy to find your coach's webpage by looking up her name online. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Why don't they just give autonomy on whatever country subsidiary they're operating and then adopt the best practices on those countries to other branches?
They can't allow that. It can spoil their name.
You're describing "franchises". Franchises don't follow whatever the corporation want down to the T. Franchises are good for rapid real estate growth revenue at the expense of standardization of stores.
Banks dont want best practice, but highest profits and best practice seldom achieves that.
It's not enough for companies to make a profit, they must beat their last profit every quarter or year over year and this greedy pursuit of profits at any cost, ultimately cost them a lot -- in customer perception, hollowing out the middle class which is the ultimate cog in our economic engine, in brand loyalty, in customer base, in market share, in inefficiency, in purpose and direction, leaidng to poor acquisition and divestiture decisions, etc. But don't worry, the CEOs are paid handsomely regardless their pay are tied to short term gains, not long term vision/growth. This applies to all companies, not just he banking industry.
CitiBank in Singapore used to provide good services in the past, but in the last 15 years, its services has been declining. It is just matter of time, Citi will close down.
I'm pretty sure that at this point, they are just re-structuring. They probably had no choice but to close down some branches in asia for poor profitability. And just like every one else, what is down/up, must come up/down.
The worst mistake I can make is not to say “Thank You” . But I’m not such kind of fool who doesn’t have the eyes to see the progress and more importantly “Not An Ingrate”. You really did it very well. Thanks for looking into my credit issues and getting me approved for a grant. MYSTICFLIP
It is quite interesting that CNBC posted this video on the same day Citibank banking app is disabled in Malaysia to be replaced by UOB in few days. Malaysia is one of the few from the 14 markets Citibank decided to exit in 2021. Prior to this exit, any people in Asia Pacific region including Malaysia whom holds Citibank credit card is considered prestigious and be envied on by others. Quite sad actually that Citibank will not be able to continue in most Asia Pacific markets, especially in Malaysia when it had presence since 1959.
Thank you for commenting this. I also use Citibank credit card. And now i jist tried to open the mobile apps but cannot. Have you received your UoB card? I havent. 😢 What happens to the payments that i havent paid in the CC if still didnt receive the new uob card?
Yes, it was considered a premium brand in all regions it operated. I think the small scale retail banking is of irrelevance but still not sure they had to close..
Sounds like great news to me. The level of criminality that most US banks engage in is absurd.
If a Public Bank or Maybank banker loses the customers money they get yelled at, investigated possibly sent to court.
If a US banker loses their customers money they get bonuses, bailed out and settle out of court without admitting any wrong doing. Look it up.
@@maman89all the banks that the US government bailed out are major banks in G-SIFI, D-SIFI category that carried systemic risk and can caused major financial crisis that will spread out to other sectors. Just look what happened when the US let Lehmann Brothers to collapsed. It caused economic downturn in other economies.G-SIFI and D-SIFI banks are important to the capitalist system whether we likes it or not.
And i can assured you that even Malaysian government will bailed out Maybank or Public Bank if they got a bank run. Because Maybank and Public Bank belongs in D-SIFI bank category that will caused financial crisis in Malaysia or the entire South East Asia region.
@@maman89 The U.S. has more than 4,500 banks... and not everyone da same... many comes and goes.. not the too big to fail one though
As a Citi bank account holder in India for 20 years, I'll miss Citi's services and perks in Asia.
Yup because they are cheap
First of all.Thank you for making the work environment so friendly and taking your responsibility seriously and completing the work gracefully! You deserve so much. He does what he says he is going to do and his ethics are of the highest quality. MYSTICFLIP
Citibank didn't let me open a checking account when I got my first job in high school. Yeah I'm not gonna have $1,000 right now to waive the $10-$12 monthly fee.
PNC Student Checking let me have $0 fee for 5 years when they just started doing the Student Virtual Wallets. On top of reimbursing any ATM withdrawal fee during my undergrad. Take notes Citibank.
The real reason was Jamie Dimon was given the top post at JP Morgan in 2005, and he blew away the competition. JP Morgan went from a fledgling bank to a behemoth powerhouse.
of course legally 🤫
Despite its tremendous growth, it is difficult to characterize it as a fledgling bank in 2005. It was only 'fledgling' in the sense that it was newly combined with Bank One, but let's not pretend these weren't significant mature companies prior to that. 😂
@@zombiekilla7463 Yea like the ship owned by JP Morgan that was found with tons of cocaine lol...
Bad banks will eventually lead to bad outcomes … start putting customers first
Exactly. Customer service at Citi Bank is bad.
Sadly the folks in the C-suite haven't heard you yet.
Here in the Philippines the Citigroup is fully acquired by Unionbank
I just watched your video and I absolutely loved it! I found your presentation to be incredibly informative and engaging. You did a great job of breaking down complex concepts into easy-to-understand terms. I also appreciated the humor and personal anecdotes that you sprinkled throughout the video. It made the content more relatable and enjoyable. You're one of the few UA-camrs who I can consistently count on to deliver high-quality content. Keep up the great work! "I outsourced this feedback to AI" Thank you for another great video mate. I enjoyed every second. Please keep it coming.
As a Retired combat Marine I want to tell you that as what you are doing is just as important as any warrior on the battlefield. You are waging warfare against these criminals and terrorists on the digital battlefield. You are defending and protecting the most vulnerable of our society against these predators. Keep up the good work MYSTICFLIP on the internet
I have been a customer of Citibank for more than 30 years now. I feel really sad that it has sold is consumer banking unit in my part of the world. To me, Citibank is still my best bank in terms of service, efficiency and professionalism. Citibank and also most foreign banks are not able to do well in overseas countries because of increased competition from local banks and also protectionism as foreign banks are not only allowed limited branches. It is also a reflection of declining America's business empire...
Service sucks at Citibank.
@@moa3810 Maybe in the US. But not outside the US.
@@wavemaker2077 Same - it all goes to a freaking foreign country if you're lucky!
Fun fact: Citibank got a big boost from a tin can company in the 1980s: (Wikipedia): In 1987 American Can announced that it would change its 86-year-old name to "Primerica".[8]...Two years later, Weill [of Citibank] mastered the buyout of Primerica Financial Services-a conglomerate that had already bought life insurance company A L Williams as well as brokerage firm Smith Barney.
CITI Group like, OMG, we only make billions, we are poor 😑
To be fair, it's not them saying that, it's CNBC.
I’ve worked for 12 years in Citibank. By far the best bank ever. 💔
you've been brainwashed, it is what they do in there, good for you you're out.
So, are you confessing to being a (well-paid) scammer?
@@gaoxiaen1 such an ignorant comment. Citibank has been & will always be a great place to work in. Get a life
Was a long-time customer but finally closed my account last year. The number of added fees in recent years on top of the drastically-reduced number of locations - not just in the US, but also abroad - was what finally made me pull the trigger. The management of this bank is an absolute disaster.
Citibank forgot that their clients in the US will also need Citibank branches in other countries. If an American client will go to the Philippines, there are no more Citibank branches there because they sold their retail business and assets to a local bank. So Citibank has no more edge compared to the other US banks.
So true. What was once a pretty good global bank is now (at least in the US) a bank with a lousy web app, lousy service, and having shut down branches (including my local one) unannounced, it seems to be headed for the pits. While the top brass will make gold, the customers will get screwed. All management decisions seems to be loaded with hubris. I may not be a banker, but when a business forgets its customers, its days are numbered.
as a Malaysian, i'm Citibank used also, but since they quit Malaysia market, i transfer my business loan and credit card service to Sumitomo Mitsui banking and Standard Chartered bank, in 90s Citibank is a main player in Malaysia, now different already.
Now imagine if they gave Jamie Dimon the CEO role when he was there
One of the dumbest leadership moves in the history of industry
Karma a MF
They fire Jamie Dimon a long time ago
Yeah Citi would be Chase and probably much more…..problem with Citi is they bought all this sht to make it a supermarket but there wasn’t anyone talented enough to integrate it properly. Rumor has it they got rid of Jaime because he refused to promote the boss’ daughter…
Morgan Stanley fired their CEO in 2005 because he refused to increase leverage and enter the subprime mortgage market.
I was an employee of cities for 2 years, ran away. Frustrated, only politics, like the office politics is insane, anyone that works. Is fired, and everything works on personal relationship, not actual job responsibilities or capability , but just personal relationship.
So if you are not a social butterfly it's dead end for you carrear
Greed of CEOs of Citibank is killing this bank.
I worked for Citibank some years ago at a branch in NY. They treated me so bad. They gave every worker a Citibank teddy bear at a function at the branch. I was so disgusted with them, I threw it away. They humiliate and demean their employees. I made sure that I have NO Citibank bank accounts and credit cards. I do not want to have any affiliation with that bank.
I'm afraid that the companies that were classified as "too big to fail" are heading to become "most likely to destroy their industry." I shiver to think what the impact will be on common citizens. Big time executives have already made their mega millions.
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Your out-of-the-box thinking and unique perspective turned an otherwise mediocre presentation into a fantastic one MYSTICFLIP . You did a good job of catching the mistakes and keeping us from wasting time and by taking the wrong path. Your attention to detail really sets you apart from the crowd. Great work! Brandon, Your great work has resulted in tangible, beneficial results to me. You’re a force to be reckoned for doing all these beautiful things to my grant MYSTICFLIP
Citibank, it's a pain to do business over the phone.. their verification process is a nightmare..
Especially if you are traveling
Tried to open one of their savings accounts months ago for a bonus and it took them so long to open that I ran out of time to fund it - unless I spent money on a wire (which I refused to pay for). After waiting on hold and getting nowhere once I reached someone, I told them to close the stupid account.
Point: Customer service is important.
Always good to see Citi collapsing! Hardly any bank has done more to deserve it. While they claim to have the best services around for international customers, in actual fact they have shown a pattern of closing customers accounts and refusing to return the money or even communicate about it. They just say "your account is with the fraud department and we have no access to it". Definitely overdue for some major class action lawsuits!
Omg I’m going through this right now! They literally closed my account for “fraud” I had a business checking acct with them they confiscated my money!
Years of strategic clash between top and middle management
Citibank customer for over 40 years. One of the first phone banking user and internet banking user. Had to pick up the first online banking CD from a branch office. I like how that keep advancing online banking apps. Always had friendly staff and professional staff but the help support lines are another story. At least understand the language and speak it clearly too. Still a loyal customer.
I recently opened an account and the customer service was Horrendous- I am soon closing my account and never going back
Fewer customers; more fees. It works.
Closing branches during shrinking world economy, is expected and is the right step. All businesses do same thing.
Citibank is in BIG trouble, but you can never believe what the reason is, from CNBC media.
Love these kind of videos. Keep it up cnbc
Poor customer service. Used to have a credit card from them. One statement came with no due balance. Few weeks later, an agressive phone call, demanding payment. Sent a copy of the statement. They said it was wrong, there was about $50 to pay and they wanted to know when I was going to pay. Also the responsability for the wrong statement was MINE, I should have known better about my debts. They lost a customer forever for $50.
I am so sad about this because I have always had such good dealings with them, especially when living/traveling abroad. I hope they can bounce back some how.
I love Citibank. I'm sad to see it go. Ive been using it since 2005 and it's sad that this is happening. I can travel the world and just go to any citi atm and get cash from there and get it the same rate. Now I cant anymore.
They will be the bank that will carry digital currency. Their consumer banking assets are being sold worldwide.
About the current bank situation, I'm really concerned. I am worried about a lot more if a bank the size of SVB may fail. I have a friend who manages a fast-growing startup and was severely impacted by the bank run. I have taken more than $840k out of my bank. Since the FDIC only provides coverage up to $250K, an implosion could have negative consequences. presently want to invest in the stock market. Does anyone have any ideas on how I might proceed?
We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVB's collapse. I've never felt secure keeping a large sum of money in a bank. In other words, I invest through my financial advisor, reap the benefits, and then spend the money.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with an advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment.
@@maryHenokNft Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
*Mary Onita Wier* is a well-known person in her field, is my advisor. I advise doing more study on her credentials. She is a great resource for anyone looking to understand the financial market because of her extensive experience.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Citi investors realizing most banking should probably be completely automated by now.
Replace those skyscrapers with servers!
I had a bank account with them in New York City back in 1996-1999, and I remember the service was just horrible! Had to wait 6 days to have the money available after I deposited a check, and their offices closed at 3 pm every day! I soon learnt to use a check cashing service like many poor people in New York City. Yet I remember reading about how they were expanding all over the world to countries like India and were amazed, how can they do this with this kind of shoddy service? I had never had anything like it - I had previously been in Georgia, where I had always had money available from a check deposit the next business day and offices open to 5 pm and 6 pm on Friday. I agree that they need to leave consumer banking to local banks, who handle that much better, and maybe concentrate on services for large companies and high-end customers for whom they may be better.
They betrayed my trust after I paid off a card they SUBSTANTIALLY decreased my credit limit which hurt my credit. Took 2 years to get it back above 800. I left that card open but haven’t touched it since and will never use them again.
Citigroup is primarily a bank for businesses, it's one of the best in the world at that
54.7% business 32.1% personal
Their business is split between the two. Customer service is just as bad on both side which is no surprise, as the same culture pervades through the company.
3:00 - Motivated local banks
3:10- Wealth management
5:38- Cit dominance in the market
5:57- Financial crisis and Citi load up on subprime mortgages
7:22 - Citi revenue source
8:47- Wealth management
9:58- Rising return on equity
Citibank almost vanished all of it's brances here in Europe. In Greece citi Operated 95 locations in 2010 but 4 years later they shut down all the branches.
Wouldn't have never thought Citi Bank was having financial struggles
Thanks, I'm not a banker but it's not easy to be a financial institution, too much risk out there.
I hope Citibank goes out of business. I set up an automatic bill pay to their credit card. Normally, I just push payments. I set up the bill pay 3 different times with specified amounts. Every time, I set up the bill pay, they did not take the specified amount. They took a different amount. Sometimes, they took less (which increased my minimum payment the next month), sometimes they took more. I basically had to babysit their automatic payment. Eventually, they overdraft-ed my bank account. They were authorized to take $250. They took $350. So, I called them, and they had the nerve to say that they were justified. They said that they were trying to hit the minimum payment due of $700. I told them that they had already been paid the $700. They said, that they were still justified in taking $100 more than authorized, over drafting my account, and charging me an overdraft fee.
Citigroup is not in trouble. We are. They own 42% of the stock in the Federal Reserve which has a fiduciary duty to take care of its stockholders. Screw us.
They keep sending me a pre-qualified form and reject it after I fill it out. 🤣
There are some things to be thankful for. 👼
You need to buy a waste basket.
@@robertwalker5521 bad credit FTW!
They did that to me too. I took about 5 years for them to approve me. I pay it off every month, they make ZERO money off of me. I just wanted the Costco points. Now they bug me constantly to increase my limit.
That is hilarious. One day they will get it right.
Citibank charges exorbitant banking fees that many expat individual clients in the Middle East left the country without fully paying their credit debt. As for my case, Citibank closed my credit card account because I paid my 2-year personal loan within 6 months, and that I haven’t responded to their telemarketing calls during work days (because I have more important things to do, like attending site meetings). I’m glad they did because I feel lighter and better financially without the hidden fees I’ve paid all those years
"immigrants"
Far too much emphasis today is placed on a companies stock performance. The stock exchanges need an extreme reigning in. The banks, financial service providers, and financial markets are out of control with their greed. So much so, that I believe they have lost sight of what the original purposes of their various businesses even existing was.
Does it have to be property? Can we use a brokerage portfolio or other assets to implement this strategy?
This headline alone could cause people to pull their money out and make the bank fail, even if it wasn't going to before
Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2023 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
“Sonya Lee Mitchell”is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I recently moved all my money from Citibank to capital one who is giving over 4% interest whereas Citibank were giving me 0.25%. I was a citigold member. When I moved my money, they were constant calling me to bring the money back to Citi and they will give same rate. But they never bother upgrading before. I guess that's the reason they are loosing customers and money.
Dude I just saw the video. My mom and I have been Citibank customers for 10+ years. Is Citi situation that bad that the bank may shut down completely?
We saw what happened to the Silicon Valley Banks shutdown and other small banks in the past. Should I move to Capital One?
I have my savings and checking accounts with all my money there. Don't want it lost like it happened to customers at Silicon Valley Bank.
What exactly is going on at Citi?
@@Melbester9 "Git while the gittin's good!"
@@Melbester9 You should get out of Citi regardless, esp. amounts over the FDIC limit ($250K).
Their old back end systems made it harder to get things done.
As a Trust Executor, I used Citi and BofA.
Definitely harder to get things done at Citi
I did keep a Citi ATM card while traveling on International Travel since their Global Network was better
Sorry to see them retreat from this
But Banks are having a hard time; lots of change coming
I am an ex-Financial Systems guy...40 years of watching the banks
Agreed. They were great for traveling.
Yes indeed, Citi is a lot worse to get things done than BofA.
Customer services leaves much to be desired from Citi bank. I have a perfect credit card score and a huge down payment for my property purchase, but White Citibank nearly made me default of my home offer. It took almost 10 days after the original closing date to close that I attributed to racism. Now my home is nearly paid off about a third of the time of my mortgage. I definitely would seek another company if I decided to buy and sell my property. Still my credit has remain perfect.
All bank branches are closing. Capital controls are being implemented, slowly atm. Cash will become extremely difficult to obtain, and your every purchase then will be tracked. You will be beholden to the banks, If they choose to restrict - how much credit - or even your own cash to you, (outside of direct transfer for a product if service) they can and will. Scary times. We will all be kept in/on the rst race, No escape that saving and physical cash used to give you.
I have been a customer for 15 years...Their customer service is awful.
But not bad enough to leave?
They need to put those bikes in more places lol i love ‘em
Why are some saying to buy Citibank stock as a long term dividend stock?
Because they make a comission on sales.
used to work in CITI bank, something going on there, that they just cant stop, simply cant seem to find a strong leg to stand on, they are loosing quite a lot