Citigroup and the 'financial supermarket' experiment | FT Film

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Financial Times

Financial Times

День тому

The 1998 mega-merger between banking giant Citicorp and insurer Travelers Group created the world's biggest financial services company. But Citi's share price plummeted and the group has been hit by a series of scandals. The FT looks at what went wrong and how the bank can turn itself around
#citigroup #citibank #travelersgroup #banks #finance #financialmarkets #markets
00:39 A series of scandals
04:44 The record merger
12:40 The fallen giant
14:33 The revamp
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КОМЕНТАРІ: 254
@RitaMeyers-oc4le
@RitaMeyers-oc4le 3 місяці тому
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains.
@mitchellerashica
@mitchellerashica 3 місяці тому
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
@KarenOpenda
@KarenOpenda 3 місяці тому
Amazing. It gets quite difficult to handle all of this, and staying informed is a major cause. how do you go about this, are you a pro investor?
@mitchellerashica
@mitchellerashica 3 місяці тому
I have been in touch with a Financial advisor. With a startup of $ 100 k, my advisor chooses the entry command of my portfolio which has grown to approximately $ 450 k in some weeks.
@trevorleigh6393
@trevorleigh6393 3 місяці тому
I’m intrigued by your progress. Could you share some insights into your trading strategy or perhaps recommend any specific resources or mentors that have led to your success?
@mitchellerashica
@mitchellerashica 3 місяці тому
I consult with:-
@chrispachas8486
@chrispachas8486 4 місяці тому
It's really impressive how Citi shares plunged from $600 each to around $45... And it's not recovering
@JenNealious
@JenNealious 4 місяці тому
Jason Iked's posts are a goldmine of knowledge - truly remarkable!
@chuachua-hj9zd
@chuachua-hj9zd 3 місяці тому
Why not recovering
@pauloakwood9208
@pauloakwood9208 2 місяці тому
Impressive? Not the word that I would have used.
@robd7934
@robd7934 5 місяців тому
As a former Citi employee who worked in numerous roles, I agree that the bank is way too large and complex. This is especially evident with operations spread across so many countries. Also, the whole Revlon fiasco is indicative all the internal problems with very anitiquated technology. Simplification is definitely the way forward. Hopefully the CEO is successful with the current and much needed restructuring effort.
@NazriB
@NazriB 4 місяці тому
Lies again? CAZOO GAZi USD SGD
@patrickmccarthy5617
@patrickmccarthy5617 4 місяці тому
Didn't the current CEO sent out an email saying to all employees they are welcome to work from home until the end of the year? Without reading too much into it, but could be sign of trouble.
@dylan-tl2yx
@dylan-tl2yx 3 місяці тому
Citi is the only USA bank here where I live now in East African country.. Do you think it's even worth while to open an account so I can have another resource here for utilizing??
@cmc6790
@cmc6790 3 місяці тому
​@patrickmccarthy5617 No. All brought back in 3 days a week minimum.
@GreenOliveBranch
@GreenOliveBranch 3 місяці тому
as a former colleague, I agree. and seems the CEO also agrees.
@foobarFR
@foobarFR 5 місяців тому
11:11 Bancassurance works in France for two reasons : - French banks made loan insurance mandatory (you can't get a mortgage without insuring it), and for decades they forced customers to buy the insurance in their own insurance subsidiaries. That's no longer working (lawmakers destroyed that monopole, step by step, and now you can chose, and even change your loan insurer and oh miracle, loan insurances prices went down quickly). - the main form of financial savings account here works and is regulated as a form of insurance - we call that life insurance but it's very different from american life insurances. Since they had to operate in the insurance buisness anyway, and already had insurance subsidiaries with staff, HQs, etc, banks later developped a full offer of insurances (car, renters insurance, etc.) with correct prices. Interstingly, the reverse bancassurance (or assurbanque), insurers going in the retail banking business, never worked. Only AXA maintains a bank subsidiary, and it's not a big player, it's a niche online bank for high income households.
@MeiinUK
@MeiinUK День тому
I bet they want to do deals like, a French insurance to be the cheaper price or something under an American dollar or something to that effect.. Literally.... without any risk management ideals.. or even have any ideas of how they are calculated to begin with. So literally just destroy the French's old franc..... even though the euro is introduced... but isn't this still backing some of their oldest actual products as well ? Oh... sure.. just roll it forward... and count it as just a mere 50% of what it was before. I can't even find a proper market or product any more either for my house insurance, or my life insurance... that should've covered my mortgage. It's like..... This is SO bad.... !!!! No wonder, so many individuals are now entering into these so caled HMOs... as well as these ex-financiers.. now doing these kind of corporate loans and commercial buildings, for residentials.. and they don't even live or stay in there. Except their immediate families !!!!!! Exactly WHAT or WHO is going to carry that forward ?? So the entire banking sector is basically their own private bank ?!!?!!!!...... OH !!! Why didn't anybody say so !!!....
@cyrilmilton
@cyrilmilton 3 місяці тому
Overall, 51% of investors think this year would favor stocks, mutual funds, and other equity-based investments, despite Treasury yields and other safer cash-like investments paying big. I’m looking for opportunities in the market that could fetch me $1m ahead of retirement by 2025
@suziehovic
@suziehovic 3 місяці тому
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with pointers on equities to acquire
@mykreid
@mykreid 3 місяці тому
True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
@GrahamCan
@GrahamCan 3 місяці тому
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you
@mykreid
@mykreid 3 місяці тому
Olivia Maria Lucas ….you're most likely going to find her basic info on the internet, she's firmly established and well qualified.
@GrahamCan
@GrahamCan 3 місяці тому
Thanks for sharing. searched for her full name and her website popped up and it was easy to schedule a call session with her
@Maryconnell256
@Maryconnell256 2 місяці тому
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.
@Emily24338
@Emily24338 2 місяці тому
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
@jacksonlucas5933
@jacksonlucas5933 2 місяці тому
I agree. Based on personal experience working with an investment advisor, I currently have $385k in a well-diversified portfolio that has experienced exponential growth. It’s not only about having money to invest in stocks ,but you also need to be knowledgeable,persistent,and have strong hands to back it up.
@blessingpeter5681
@blessingpeter5681 2 місяці тому
I’m new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up .
@jacksonlucas5933
@jacksonlucas5933 2 місяці тому
Sure, the investment-advisor that guides me is..
@jacksonlucas5933
@jacksonlucas5933 2 місяці тому
MARY TERESE SINGH
@ram_page
@ram_page 3 місяці тому
Loved the presentation. Learnt a lot about Citi's history and got a better sense of why it stands where it stands today.
@shellylofgren
@shellylofgren 5 місяців тому
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.
@berkrix4312
@berkrix4312 5 місяців тому
Indeed, you are correct! But on the advantageous aspect, economic downturns offer numerous prospects for ordinary individuals to create wealth from the ground up. Nevertheless, seeking guidance from an investment planner might be necessary if you desire a more assertive return.
@jeffery_Automotive
@jeffery_Automotive 5 місяців тому
In the world of finance, recessions are prime opportunities for wealth creation. When my port-folio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 870k. The knowledge and skills I have acquired through this experience have been invaluable in my journey towards financial success.
@DavidRiggs-dc7jk
@DavidRiggs-dc7jk 5 місяців тому
@@jeffery_Automotive This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
@jeffery_Automotive
@jeffery_Automotive 5 місяців тому
My advisor is Julie Anne Hoover , 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
@DavidRiggs-dc7jk
@DavidRiggs-dc7jk 5 місяців тому
@@jeffery_Automotive I appreciate you sharing this. When I looked up the woman you named and read through her credentials, it was obvious that she was a complete professional. I just need her to respond to the message I wrote her.
@mihailegorov241
@mihailegorov241 5 днів тому
Thank you for doing everything you can to help us become financially educated.
@baccaandthesquad17
@baccaandthesquad17 5 місяців тому
I can’t lie a Wells Fargo employee being your banking sector interviewee and having that person speak poorly about citi bank is ironic
@saltymonke3682
@saltymonke3682 5 місяців тому
😂
@PascalH9191
@PascalH9191 5 місяців тому
💯💯💯
@paulh2468
@paulh2468 5 місяців тому
Like all journalists, they are getting all sides of the story. The perpetrators of the crime are either dead or not talking. The Wells Fargo guy was hilarious and blunt. He can now be tagged with his own words if he screws up.
@Emation7
@Emation7 4 місяці тому
I thought the same thing.
@chibwekaunda6278
@chibwekaunda6278 5 місяців тому
Great documentary having worked at Citi. The model of being banker to the large global corporates was really Centre of plate and great bread and butter business! Watching the turnaround with great anticipation and cheering from the sidelines ! Wishing the Citi team all the best!
@Mental_Egg
@Mental_Egg 5 місяців тому
It is called $hiti group for a reason.
@David-wc5zl
@David-wc5zl 5 місяців тому
This is so messed up. You've got no valid morality left. .
@yayawawasy
@yayawawasy 3 місяці тому
​@@David-wc5zlHalf of the comments on this video seem to be made by pure sociopaths. The banking world is filled with sickos
@mockingbird5919
@mockingbird5919 5 місяців тому
10:57 We need another video discussing how the French insurance banks are successful while the US insurance and bank combination attempts fail
@karolinakartagena4627
@karolinakartagena4627 4 місяці тому
In many latam countries when you secure a mortgage or a loan thag loan is tagged to a life insurance . Banks will get paid
@GreenOliveBranch
@GreenOliveBranch 3 місяці тому
if you get a mortgage, life insurance (or more likely mortgage protection) is compulsory. the main idea is transferring the risk from the individuals to institutions, which makes sense.
@adrianescalante2608
@adrianescalante2608 3 місяці тому
Because banks in US use insurance funds to borrow money, they don’t have a reserve for that. when insurance is going to pay to a customer, banks don’t have the money because they borrow that money. In Mexico, insurance and bank combination works well because banks perpetuate client life-time value.
@MeiinUK
@MeiinUK 23 години тому
Insurance is based on risk assessment... and the risk is based on crime records... Ask yourself.. how much crime exists in the USA ? Since the sub prime mortgage period... how many are homeless now ? So... why would the insurnace piece work in the USA, if at all ? It won't work. And this is also.. edging towards the same thing too even in the UK here... Cos these kind of decisions have indirectly forced... countries like the UK to take in refugees as well.... and indirectly affecting insurances as well. Despite, it should NOT have been as so.. but it is getting to be there. And then, the migrant level of being a land bank as well... which is causing even a worst economic situation too. And companies have disappeared from the UK. The increasing NGOs.. are happening here... And it will soon mean, that the actual collapse... of actual... society, as we know it, will soon happen. Which, at this point in time then.. means that... well... the market itself will collapse. Many houses have already been abandoned here in the UK too. People just ran off !... The cities where the banks are in the UK, have actually gone bankrupt... and the public money has gone.... So this is causing... the banking sector is indirectly causing the government to go bankrupt as well ? Despite the original 2008 "saving point".... and now... the "debt level".... is being carried by the government. Cos why ? Those stupid buildings that have nobody in them are here.... What did the UK government had to do ? They have to create certain laws to ring fence them in !!!! .... Devolved regions... (With a lot of debts, but still being counted though... for the country !!!! )
@MeiinUK
@MeiinUK 23 години тому
@@GreenOliveBranch : But they invest and wanted to expand into Asia... without knowing that insurances in Asia wouldn't and doesn't work.. cos why ? Housing in Asia.. is humid and damp... unless you build an actual solid concrete thing. In which case, it means an awful lot of money ? And then to even insure that building means, how much money ? And yet, there are no other businesses, that is large enough to make those kind of figures.. so then... it has to mean that it can only be banks. And yet... there aren't the people there.. so then, they try to create this kind of "wealth management" piece.. right ? So then.. this means that, those SE Asians... keep spending and spending like no tomorrow.. while the rest of us across the globe, watch their gloats.. and their so called "wealth management" pseudo companies... waffing and waffing across the globe, trying to take us down. So then, they try to do things like concerts.. to create insurances.. or to have personal insurances.. or voice insurances.. or whatever insurances... etc etc etc. What happened to "normal life" ? While the rest of us have to watch the news, waiting to be .... feared... and triggered. Oh... I forgot... social media companies, could also be invested too.. and deliberately to cause fear and triggers.... THAT is happening... Cos then it means that it is marketing data too !!!!...
@haroldbradford690
@haroldbradford690 4 місяці тому
Love this kind of content - very interesting. Thanks.
@user-hz1ow6nf3w
@user-hz1ow6nf3w 3 місяці тому
That music goes with stunning beginnings of next starting . This is where you needed the brilliance of Jamie Dimon !!.
@ErionGurakuqi-ry6qn
@ErionGurakuqi-ry6qn 6 днів тому
Your videos have helped me turn my trading around. I'm finally making consistent profits!
@aryammansahlot4415
@aryammansahlot4415 5 місяців тому
Amazing documentaries FT PLEASE KEEP THIS UP
@GRYL180
@GRYL180 29 днів тому
Paula Scher and her design of the Citi logo brought me here. 😊
@RV-pr9oq
@RV-pr9oq 5 місяців тому
This is where you needed the brilliance of Jamie Dimon !!
@QueenetBowie
@QueenetBowie 5 місяців тому
Awesome video, random suggestion. Thanks FT!
@ARUSApacecarHAMPTON
@ARUSApacecarHAMPTON 3 місяці тому
Homer Simpson must be running the back room at Citi. Doh !
@user-qs8cy4zm5h
@user-qs8cy4zm5h 23 години тому
o , its very easy to understand . Thank u for your effortedThank you sir for such a informative vi
@EzraMerr
@EzraMerr 5 місяців тому
Citibanks is pretty huge in China and Singapore
@MeiinUK
@MeiinUK 23 години тому
They're screwing up in SG too... allowing them to do whatever they like... so many of these hired individuals.. make it sounds like the ENTIRE world... is one simple UN level.... state. THAT is what some people assume and act like in China and in Singapore. They don't even realise, or to even accept the differences in other countries.... At all. Why ? Cos they are hired... so they wouldn't risk their own positions.
@user-tp4ys2re5m
@user-tp4ys2re5m 5 місяців тому
That music goes with stunning beginnings of next starting 😂
@StephanieLloyd-bh4rt
@StephanieLloyd-bh4rt 8 днів тому
Этот окуп в конце зарешал вообще всю игру! Свезло конечно)
@stevewise1656
@stevewise1656 3 місяці тому
The banking sector breaks laws all the time, though no one goes to prison.
@jayceh
@jayceh Місяць тому
They change the laws instead
@ellow8m
@ellow8m 28 днів тому
haha
@MeiinUK
@MeiinUK 23 години тому
@@jayceh @ After they changed the law. Then they send in somebody or to hire specific individual that is part of the family... and then that individual... would... wealth management products. So then it means that, those families literally owns the bank. That is how it works.
@thegamerboneless2864
@thegamerboneless2864 5 місяців тому
I love city bank, I trade often, it’s like a open wallet, I never seen a bank so open to their mistakes and then keep making them. The BIG C 😂
@ivecommentedonyoutube7604
@ivecommentedonyoutube7604 5 місяців тому
Will buy citi shares, since it’s so low
@dylan-tl2yx
@dylan-tl2yx 3 місяці тому
Citi Bank is the only USA branch here in my east African country. I came to the internet to research if i should open an account with them
@drjustin84
@drjustin84 5 місяців тому
They’re kinda like the Sears of banks
@good-tn9sr
@good-tn9sr 3 місяці тому
Not at all, they are considered too big to fail, so the government will always keep them alive
@NRFEPH
@NRFEPH 4 місяці тому
Citigroup already sold Philippine retail banking operations to Union Bank of the Philippines (UnionBank).
@Mayor1248
@Mayor1248 2 місяці тому
I HAVE INCURRED SO MUCH LOSSES TO TRADE ON MY OWN,I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED.
@Zubaida.Ali.Ali5327
@Zubaida.Ali.Ali5327 2 місяці тому
here is my problem I have been making losses trying to make trade. I thought to trade demo is just like the real..can anyone help me out or at least tell me on what to do.
@maureen...
@maureen... 2 місяці тому
I always advice new members to have an orientation on how it works before getting involved. Trade offers more benefits than just holding.
@maureen...
@maureen... 2 місяці тому
Kate Floretta in stagram
@maureen...
@maureen... 2 місяці тому
Kate Floretta Face book
@maureen...
@maureen... 2 місяці тому
Google "katefxfloretta" anywhere take classes and learn to trade.
@jzzzxxx
@jzzzxxx 5 місяців тому
Terrible, this is nothing more than a PR campaign to buy Jane more time. Rearranging deck chairs is not a "strategy". You do a reorg when you first take over the top job, not as part of some strategy, but as a way to solidify your chain of command. To do a large reshuffle 2 and half years later, is to admit the tenure has been a failure, but place the blame on someone else.
@Blashmack
@Blashmack 5 місяців тому
On the other hand, it is quite an extraordinary feat to get your first attempt at strategy correct on the first try. In some other areas (maybe family-owned business? non-public?) this would be seen as good, you make a mistake you fix it, learn from it and try something new. In the relentless quarterly capitalism pace it's one mistake, you are out, but so is the learning you have gained, and the next person has to learn all over again.
@jzzzxxx
@jzzzxxx 5 місяців тому
@@Blashmack Not when you been there for nearly 20 years, and been involved in every major line of the businesses, and chosen presumably with a plan.
@GreenOliveBranch
@GreenOliveBranch 3 місяці тому
Good luck with re-organising a financial institution with a quarter million headcount...
@memofromessex
@memofromessex 5 місяців тому
I wish Citigroup would accidentally send me $900M. Though I imagine that my bank would highlight it as an error.
@hugowong9999
@hugowong9999 4 місяці тому
I do think the Citi consumer side is behind the times where everyone is doing better interface and Citi really fell behind. I have never seen a banking website so dated, and it only offers a few options. Can you believe that Citi doesn't offer DRIP to its individual brokerage accounts, whereas everyone else has offered those since mid-2010? I think it is pathetic for a global corporation such as Citi to fail in a business they are quite well known for, which is consumer banking. Their prestige around the world is nice. My parents often talk about how Citi is a bank for the wealthy. I think Citi is a stupid joke.
@m.fazlurrahman5854
@m.fazlurrahman5854 3 місяці тому
Yes!! When anything beyond certain amount gets transferred, it’s always, and I mean always gets double checked. Sometimes with pre-approval basis. So, no possibility of getting screwed with such an amount erroneously transferred. Now; if anyone wants to cook a “duck roast” - an additional “zero” could be inserted later. But then again; such record can be checked for potential espionage.
@25henrywatson
@25henrywatson 5 місяців тому
"Whereas you used to have these rockstar bankers..." *pans to Jamie Dimon* I'M STILL HERE BROS
@ocularpatdown
@ocularpatdown Місяць тому
Dimon belongs in prison
@parkerpkthn
@parkerpkthn 5 місяців тому
Silos are a big problem at Citi. Jane should have cut off the 'I'll run it like I want to' attitude a long time ago. I wish her luck. She's going to need it to change that culture.
@Owl-of-Minerva
@Owl-of-Minerva 5 місяців тому
"A rising tides lifts all yachts" Plutocracy 101
@mattanderson6672
@mattanderson6672 5 місяців тому
Thank you
@gregvanpaassen
@gregvanpaassen 5 місяців тому
Banks should be considered utilities and regulated accordingly.
@ralphperez4360
@ralphperez4360 5 місяців тому
The real issue is very similar to what you’re implying. The repeal of the glass stegal act shattered the firewall between commercial and investment banking. Frank Dodd act tries to mend some structural deficiencies but its still the wild west in America when it comes to banking.
@RobCummings
@RobCummings 5 місяців тому
Unregulated capitalism does not work. You need the guard-rails of regulation to keep these drunken idiots on the road.
@LarryMenta1
@LarryMenta1 4 місяці тому
Amazing video
@DollarsMakeCentz
@DollarsMakeCentz 5 місяців тому
Great video! I ejoyed it!
@thenoodlebuddy
@thenoodlebuddy 5 місяців тому
I'm confused, if I was accidentally transferred just £500 I've been told it's theft to not make the nak aware so they can recollect it. So how can Reckon just get away with such theft??!!
@paulh2468
@paulh2468 5 місяців тому
go online and research the laws in your country. And read the written contract you have with your bank, they cover this issue in their contracts. It's tedious, and requires a few hours of effort. But knowledge is power in your scenario. You will also find other interesting stuff that does apply to you right now. This story did not report the end result of all the lawsuits in the US, which will have different laws than Britain. The $900 million mistaken transfer was a civil matter, not criminal theft, under US law. I'm too lazy to look up these results, so I'm assigning it to you. Lol!
@orpheusepiphanes2797
@orpheusepiphanes2797 4 місяці тому
Someone telling you its theft doesnt make it theft
@jjj-fl9cu
@jjj-fl9cu 5 місяців тому
suddenly Im wide awake thinking were on the brink of a major financial paradigm shift.
@iyos0007
@iyos0007 3 місяці тому
Now I really understand why Citi has gotten problems.
@jont2576
@jont2576 5 місяців тому
wow so many positive comments here and ex citibank and wells fargo employees here!!!
@korthjw
@korthjw 3 місяці тому
Sandy Weill and John Reed were about as culturally different from each other as two people could possibly be. You're talking Wall Street versus Park Avenue, downtown versus uptown, really different. When I read that they would be co-CEOs, I just thought, "that can't possibly last long." Reed was gone in short order.
@jefframos3479
@jefframos3479 5 місяців тому
Citi just sold its Indonesia portfolio. They are closing in many places in Asia. They were convenient in Asia especially China years back but last few years asian banks are offering better services than western banks
@chrispachas8486
@chrispachas8486 4 місяці тому
Thank you FT for this excellent film
@colinkay6599
@colinkay6599 Місяць тому
Citi is the modern version of an empire. Get large get inertia and fall apart.
@milolouis
@milolouis 5 місяців тому
12:12 "Which the Senior Management seemed to have no idea was a potential risk" LOLOLOLOLOLOL!!!!!!!!! They are all leeches on society.
@Alex-pr6zv
@Alex-pr6zv 5 місяців тому
If it's believed that women typically assume CEO roles during crises, does the same logic apply to systemic financial institutions like the ECB, the World Bank and the US Fed?
@ssuwandi3240
@ssuwandi3240 5 місяців тому
Like ex Walgreen CEO who tanked the stock to lowest point aftr spending $10 BILLION😊
@jtgd
@jtgd 5 місяців тому
5:11 National mood in 1998!
@johnpatrickoldfield4262
@johnpatrickoldfield4262 4 місяці тому
The language constructs are so short sighted. 😊
@RobertojavierSilvaharth-ub3pz
@RobertojavierSilvaharth-ub3pz 5 місяців тому
T'is a fair world when banks have money laundering issues, and individuals get jailed for money laundering. All one has to do is become bank holding company, and 'voila' one has now money laundering issues. Piece of cake, all one needs is billions in cash...
@icmull
@icmull 5 місяців тому
Below book value for a bank is not odd at all.
@vitadelicatus
@vitadelicatus 24 дні тому
Wildwest at it's best.
@oranje525
@oranje525 3 місяці тому
Somehow people see SoFi makeing the exact same mistakes as Citi and tell themselves, "I want to invest in SoFi". We never learn.
@Emation7
@Emation7 4 місяці тому
History will keep repeating itself. Bankers will always try to sell the idea that they can manage risks better than those that came before to drive higher profits. They were not humbled. There is another banker in training waiting for their opportunity to make the same mistakes in order to make record profits.
@TrimeshSZ
@TrimeshSZ 4 місяці тому
They are not "mistakes" - the risk mispricing is absolutely deliberate, because making provisions for risk costs money, and hence you make more money if you can magic the risk away. Of course, reality is not fooled and at some point the actual level of risk will show itself and the people that fudged it will start screeching about "we couldn't have predicted this" - when they absolutely could have, and should have.
@pranavnayak7272
@pranavnayak7272 5 місяців тому
i think RCB is the bakra here .. some backdoor dealing must have happened between MI and RCB to make way for pandya into MI
@antoniobrasse7157
@antoniobrasse7157 5 місяців тому
I was in the global audit department at Citi. I'm just gonna say those were some wild and interesting times 🙊
@Jimbean212
@Jimbean212 4 місяці тому
Please tell us more. How about some interesting tales.
@micropixelstudio-tv
@micropixelstudio-tv 5 місяців тому
*_"I don't even recognize city bank or something..."_* 😅😮😢
@SlvrWlf88
@SlvrWlf88 5 місяців тому
You would think if there was a $9 million dollar transaction that there will be multiple people looking at it to ensure everything is right
@ralphperez4360
@ralphperez4360 5 місяців тому
No. Only 1 checker
@andreewert1925
@andreewert1925 5 місяців тому
Their Accounting staff need to get fired...incompetents...the whole process lacks checks and balances somehow for this to be able to happen..
@ralphperez4360
@ralphperez4360 5 місяців тому
@@andreewert1925 mark mason. Chief Risk Officer got fired. Brad Hu also got a soft axe.
@andreewert1925
@andreewert1925 5 місяців тому
CFO should have been fitred foir issuing this 900 million Transfer..@@ralphperez4360
@omarmahfouz5599
@omarmahfouz5599 3 місяці тому
​@@ralphperez4360isnt Mark Mason the CFO?
@sitrakaforler8696
@sitrakaforler8696 5 місяців тому
Ho boy.... didn't knew it was that bad...
@paulh2468
@paulh2468 5 місяців тому
Jane Fraser took the job knowing she would be the scape goat woman. That's why she took total control, so she has a fighting chance. A man would do the same thing. If she is fired, she will get a very sweet, sweet severance package, and she will retire to the Bahamas or something.
@theopinionatedbystander
@theopinionatedbystander 5 місяців тому
So. What I heard is, invest in Citi and hope Jane Frazer doesn’t have a heart attack. ((She is the Xi-Jin-Ping of Citi) let’s hope she is developing her second in command just in case she falls off her perch.
@walterkocher
@walterkocher 5 місяців тому
Experiment is the right word.
@johnwick860
@johnwick860 5 місяців тому
Citi has IT problems? wait for Wells Fargo... IT operations has entirely shifted to India 😂
@silversolver7809
@silversolver7809 5 місяців тому
With all the Indian tech CEOs and senior managers in USA, strange move-but I guess you gotta take expertise where you can get it.
@MaveraceAnimation
@MaveraceAnimation 5 місяців тому
The T in Citi stands for Tech problems.
@MeiinUK
@MeiinUK 29 днів тому
Like this wasn't planned....
@martinschulze5399
@martinschulze5399 5 місяців тому
Why is there a Xylophon emoyed on every clip about banks xD?
@mirandapanda2179
@mirandapanda2179 12 днів тому
The war you don’t see
@stevebeimler2579
@stevebeimler2579 2 місяці тому
Monopolistic policies and globalization hs been disastrous in more ways than one.
@harry8912
@harry8912 3 місяці тому
I work in Citi in the consumer banking side of things, and the technology side is so bad and outdated it’s frustrating.
@user-lh2wj2cd8y
@user-lh2wj2cd8y 8 днів тому
I believe it. I purchased a couple prepaid credit cards for credit building purposes for a teenager /College student. They fumbled the account so bad simply by making the technology for paying or managing the account nearly useless.
@danielclark5586
@danielclark5586 Місяць тому
Its super choice to see someone from Wells Fargo criticizing Citibank.
@vladimpaler1043
@vladimpaler1043 4 місяці тому
Not this guy from Wells Fargo talking 😂😂😂
@7_of_9
@7_of_9 5 місяців тому
Anyone who works at a physical bank, I feel bad for you for doing so much work for so little money
@editho3960
@editho3960 4 місяці тому
Thanks
@BRuane-pw6xq
@BRuane-pw6xq 3 місяці тому
Weill saw himself as a genius. Would investors agree ? He pushed Dimon out .
@ferraridan4883
@ferraridan4883 2 місяці тому
Weill got rid of Jamie when Jamie fired Sandy's daughter; who ran a business unit at Citi.
@WhichDoctor1
@WhichDoctor1 5 місяців тому
Laws should have been reintroduced separating investment from retail banking again after the industry proved they still couldn’t be trusted to combine them safely. And forced the breakup of these huge conglomerations
@BigHenFor
@BigHenFor 5 місяців тому
Retail and investment have been separated, but the conglomerates haven't been broken up. And government and finance are too cosy with each other.
@RobCummings
@RobCummings 5 місяців тому
Glass-Steagall worked well for 60 years. Tearing down the firewall between the casino, and retail banking was a big mistake
@samuelwilliams7331
@samuelwilliams7331 5 місяців тому
How are you going to transfer 900 million and it not flag anyone?
@karolinakartagena4627
@karolinakartagena4627 4 місяці тому
You would be surprised
@titusp9488
@titusp9488 5 місяців тому
FT's reporting is get worse by the year, with more sensationalism and tabloid-like analysis on almost everything.
@mack-uv6gn
@mack-uv6gn 5 місяців тому
Getting lean is the only way
@MayorSom
@MayorSom 5 місяців тому
I'm afraid it's not just Wall St. You don't have to look far here: John Lewis & Partners👀
@silversolver7809
@silversolver7809 5 місяців тому
Bill Clinton did well generally, but this was his one big failure-not reversing Reagan's financial deregulations, and then not stamping on the dismantling of Glass-Steagall.
@ralphperez4360
@ralphperez4360 5 місяців тому
Who do you think paid for the bulk of Bill Clinton’s candidacy all the way from the Iowa primaries???
@silversolver7809
@silversolver7809 5 місяців тому
@@ralphperez4360 Difficult to say, since he did so poorly in Iowa and NH-altho better in NH, avoided being wiped out. Maybe Gennifer's family chipped in a few million, or at least sent Flowers? Ross Perot is another guess-he probably took more angry voters from 'unbeatable' Bush than he took progressives from Clinton. When he dropped out, Clinton got a huge boost after the Dem convention, so maybe Perot did have a lot of Dem voters?? Or maybe Gore's family-picking Al was one of a number of great tactical moves Clinton pulled off during the campaign. If you're looking for a conspiracy fantasy, you have a tough job-Clinton was just a great campaigner who somehow avoided sinking and won support across the board-eg retired people were a significant segment of his financing!
@johnpatrickoldfield4262
@johnpatrickoldfield4262 4 місяці тому
People hate not using medical topic subject words in non medical industries conversations.
@Viscratus
@Viscratus 3 місяці тому
A monopoly.
@ezekielalkhabeer7084
@ezekielalkhabeer7084 5 місяців тому
14:01
@colinkay6599
@colinkay6599 Місяць тому
Rotten Corp(se)
@faustinae3927
@faustinae3927 2 місяці тому
Women always have to clean up the balance sheet,when a man has made mess🤷‍♀️❤️🌹👀
@akbpogo5577
@akbpogo5577 5 місяців тому
19:14 WTF is wrong with this dudes arms ?
@henryterranauta9100
@henryterranauta9100 5 місяців тому
Hope the best for Jane Fraser’s Citigroup 19:26
@jggerald7877
@jggerald7877 5 місяців тому
Citigroup is mine. I planned it in the 1970s with my assets then and projected future assets. And HSBC and MUFG, etc. Really. So I am supposed to be trillionaire now in these world banks...
@jggerald7877
@jggerald7877 5 місяців тому
And it was actually me who planned the Cayman Islands as an international banking hub. Modern Hollywood and the Tech Giants I own actually but taken from me. I also created McDonald's, Pizza Hut, Dunkin Donuts, and Jollibee, etc.
@windsong3wong828
@windsong3wong828 2 місяці тому
Citi also tells the story of USA….. As american businesses retreated across the world ….Citi would follow them. The rise of local banks or Asian banks shows that they are better in running local banks compared to Citi. Citi used to be the best bank in South East Asia…..now it had just sold out. Last time I buy many American products…..now I hardly buy American products except for Apple ( made in China). America is retreating back to USA….where Trump will protect the local companies with tariffs. The poor are suffering as their basic goods prices have shot up with the tariffs. More homelessness expected.
@aviaforrester1481
@aviaforrester1481 4 місяці тому
pay.
@Mihai-go2xc
@Mihai-go2xc 4 місяці тому
The last phrase about bla bla bla humble banking, give's a resume for the whole documentary. Less to say funny, more like amateurs who made it. No begining, less content and Numbers/Data, and for the end just mentioned. They should try watching 4 part Planet Finance/Arte
@maxhill9254
@maxhill9254 5 місяців тому
noice
@universallydisjoint-ck9id
@universallydisjoint-ck9id 2 місяці тому
what was that women angle all the sudden...
@ravindertalwar553
@ravindertalwar553 4 місяці тому
CONGRATULATIONS 👏 AND PRAYERS 🙏 BY RAVINDER TALWAR JALANDHAR CITY PUNJAB INDIA
@deepakgeorge5871
@deepakgeorge5871 5 місяців тому
Still foolish investors choose to reward the executives fat salary.. Serves them right..
@swearworks
@swearworks 5 місяців тому
Humble Banking... lolz
@orangemanbad
@orangemanbad Місяць тому
Citi was smart. Put a DEI woman ceo and stop getting all the hate while making the same mistakes.
@olivier3516
@olivier3516 5 місяців тому
Shiti Bank
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