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They do an outstanding job in mismanaging money. Surprised they are only cutting that much. They are on their way to become a new credit suisse, hopefully this
by thiago_fm 3y ago
They do an outstanding job in mismanaging money. Surprised they are only cutting that much.
They are on their way to become a new credit suisse, hopefully this helps to change that course.
If you are interested in this subject, compare it to other big banks like JPMorgan Chase, Bank of America etc. The difference is abysmal.
- onlyrealcuzzo 3y agoCompare it how? Isn't Citi as different from Chase bank as Microsoft is from Google? Sure - they are both "financial" companies just like Microsoft and Google are both "tech" companies.
- NegativeLatency 3y agoMicrosoft and Google are pretty similar IMO, since both have: a browser, a search engine, an operating system, have or have tried to have a phone, both do some amount of hardware, and both also have cloud platform offerings.
- ses1984 3y agoOne makes money selling software and one makes money selling ads.
- cjbgkagh 3y agoI think that distinction will shrink over time as Microsoft sees ads as the future of their revenue growth.
- nilptr 3y agoMicrosoft sees ads as an add-on to existing revenue streams. It's core is software and software services. They couldn't be more different other than both being tech companies.
- cjbgkagh 3y agoPeople show up for their salary, they work hard for their bonus. The core part of the revenue is taken for granted as they focus on developing new parts, specifically the ads part. It allows for an up-and-coming exec to say "I made X for Microsoft, you should pay me Y% of X". So even though it would only account for a small % of total revenue it would dominate the thinking. It's how ideas such as ad supported Windows happen despite the long term deterius effect that would have on the core business.
- octobus2021 3y agoThey are all financial institutions of comparable size and using similar business models. The fact that JP Morgan Chase reported Q4 profit at $9.3 bln on the highest annual revenue for any bank EVER, and Bank of America reported Q4 profit at $3.1bln, while Citibank reported net LOSS of $1.8bln, should tell you everything you need to know about how well these organization are managed.
- bushbaba 3y agoI never got why people choose citi. They don’t offer best lending rates, they don’t have a vast ATM network, their credit card benefits are worse than chase/amex, etc. seems they aren’t really amazing at any particular segment but meh in all.
- purplerabbit 3y agoThey’re the only mega bank with both a 2% cash back card and a competitive HYSA
- orangepurple 3y agoFYI: Fidelity also offers 2% cash back with reasonable terms
- dmoy 3y agoYup and their CMA is better than the big 4 banks offerings. Get HYSA equivalent rates but just use it like normal checking, not having to shuffle stuff around like with Citi or BoA
- orangepurple 3y ago[dead]
- zie 3y agoFidelity isn't a bank, but they sure act a lot like a bank with the CMA account. Arguably enough like a bank that it will work as a bank for most people. Other brokerages do the same sorts of things, Fidelity isn't alone in this. Schwab went a different way and decided to just buy a bank. Instead of like the BOA/Chase versions, where they bought a brokerage.
- dmoy 3y agoBoA has this, if you have at least $100k - a 2.625% cash back card, and with Merrill also has competitive HYSA (last I checked, 0.5% higher than Citi). BoA can be great if you have money, but sucks if you don't.
- deleted 3y ago[deleted]