Posted by LJ on 11/1/07 2:58pm
Msg #219299

Citicorp CEO rumored to resign.

Financials are down 5% across board. Worst day in 5 years.

Reply by CJ/Alaska on 11/1/07 3:34pm
Msg #219308

He/She will probably be paid Handsomely for it!
Then to make it up, they will likely lay off 100 people -
Dontcha love Free Enterprise LOL

Reply by CF on 11/1/07 3:39pm
Msg #219313

If this is Citi bank that you are talking about they have acquired ABN AMRO mortgage group. The old Mortgage.com website is redirected to Citi now. I dont understand why companies buy out other large companies then say that their profits are down- duh you just bought out another company, yes, that does cost money. For Citi to have acquired ABN's mortgage group they are gaining a lot of weath. So cut a bunch of people to pay for the purchase- is about what it would be. If they lay off it will be thousands not hundredes.

Reply by Todd/OH on 11/1/07 4:43pm
Msg #219328

Remember, one company buys another often to eliminate a competitive problem. Profits are supposed to go up unless some analyst misread the numbers. It doesn't take a rocket scientist to see the downward trend over the last two years. You're right, CF - 1,000's will be let go.

Reply by Joan Bergstrom on 11/1/07 10:45pm
Msg #219379

When did they buy ABN AMRO?

Reply by CF on 11/2/07 8:11am
Msg #219394

Actually, it has been a while now that it was acquired. I think at least 3-4 mos. I regually checked Mortgage.com to see what was going on with rates and then realized it had been redirected to Citi. Called a couple of past colleagues....I used to work for ABN in a Commercial Banking capicity- not mortg. They said that part of the ABN had been bought out by Citi. However, I have recently done some ABN signings? So I dont know....but ABN still is holding InterFirst- which is wholesale lending. So.....dont know if that helps you out? I am sure that you can do some digging on the ABN web site. This is big for Michigan- we have a large ABN presence here. InterFirst is headquarted here too. Mortgage.com was headquartered in Florida,