Citicorp needs to go

[charby]

Citi to Announce Big Cuts and New Investors
By ERIC DASH

Citigroup is expected to announce a series of drastic steps on Tuesday, including the elimination at least 4,000 additional jobs, a steep cut in its stock dividend and another big investment by foreign investors, in a bid to bolster its finances in the face of deepening losses.

Beginning what is expected to be a grim week for financial company earnings, Citigroup is likely to announce a write-down of $18 billion to $20 billion, the biggest yet by a major bank or Wall Street firm, said a person briefed on the situation. Such a big loss, the result of soured mortgage-related investments, could wipe out the banks profit for all of 2007 and plunge it into the red.

As part of a plan to shore up Citigroup, the chief executive, Vikram S. Pandit, is expected to announce the start of a new round of job cuts that many analysts say will accelerate in the coming months. The first reductions, of about 4,000 workers, will come on top of 17,000 job cuts announced last spring.

Citigroup is also expected to turn to wealthy foreign governments again and announce the sale of a $12.5 billion stake to the Kuwait Investment Authority and several others, including Prince Walid bin Talal of Saudi Arabia, people briefed on the situation said. In November, the company sold a $7.5 billion stake to a Middle Eastern fund, the Abu Dhabi Investment Authority.

http://www.nytimes.com/2008/01/15/business/15citi.html?_r=1&hp=&pagewanted=print&oref=slogin

Maybe they should keep their accounts with companies that deal in legal interstate firearms trade. bastages...

[GeoJAP]

My girlfriend's mortgage is through Citicorp and they constantly try and rip her off.  She always pays more on the principle, but Citicorp will always apply that amount to her interest, which warrants a lengthy phone call from her to their customer service department to resolve it every single month.  It appears that this is intentional, since it happens every single month.

I asked my girlfriend again about this.  For three months in a row, she sent in a separate check, wrote in the notes field "Apply to Principle", and checked the approproate box on the monthly bill.  Each time they applied the amount to interest.  This hasn't happened in a couple of months though, so hopefulyy their thievin' ways have cleared up.

[BrokenPaw]

Wow.  My mortgage company (Countrywide) makes it easy.  On their web-payment page, there's a box for "Additional Principal".  Done.

[nico]

So, umm, how do I switch my $150k in student loans (and $100k more over the next 2 years) to another company, and who should I move them to?

[Brad Johnson]

So, umm, how do I switch my $150k in student loans (and $100k more over the next 2 years) to another company, and who should I move them to?

HO-LEEEE CRAP!!!   

Brad

[nico]

So, umm, how do I switch my $150k in student loans (and $100k more over the next 2 years) to another company, and who should I move them to?

HO-LEEEE CRAP!!!   

haha, don't remind me .  The worst part is having friends who's parents are paying their tuition/expenses out of pocket.  I just really hope the rumors I've been hearing of people starting at $150k are true. 

seriously though, I consolidated my loans (multiple citibank loans into a single one) right before the rates jumped a year or so ago.  Since I have additional loans now, would it be worthwhile to consolidate with another company (if so, who?) before I graduate?

[Antibubba]

One prepaid envelope at a time.

I geti numerous offers from Citicorp/bank/card every week, and they all come with a prepaid postage envelope.  I take out everything with my name on it, and put everything else back into it.  Then I stuff all the other "pre-approved" credit card offers in it, again with out my name, and I fill it up when I pretty much can't put anything else in it, I add a piece of paper that says "I support the Second Amendment, not Citicorp", seal it, and mail it.

Imagine 1 million gun owners doing that every week, with every Citicorp offer that arrives.

Pass it on.   

[jnojr]

Mortgage companies will ALWAYS apply any overpayment to interest first unless it is specifically directed to principal.

USAA doesn't.  I have never specifically directed that my "extra" payments go to principle, yet they do, each and every month, without exception.

[Balog]

That's because USAA is awesome. They're like the Chuck Norris of the financial world.