Nofsdad
Joined: 06 Jul 2003
Posts: 8380
Location: Central CA
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Posted: Sat Sep 26, 2009 11:29 pm Post subject: Citi to cut back U.S. branches to six cities: Report
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Probably little if any effect on the Sears credit cards but interesting nonetheless. This is what we paid them off for?
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| Citigroup, the third-largest U.S. bank behind Bank of America Corp <BAC.N> and JPMorgan Chase & Co <JPM.N>, also plans to limit its consumer lending business in the United States primarily to credit cards and "jumbo" mortgages, catering largely to affluent customers, the Journal said. |
So... does this mean that a hand to mouth, paycheck to paycheck working slob will no longer have access to credit from Citi? How long before the other big banks follow suit?
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| The bank, hurt by billions of losses and writedowns of bad loans and toxic assets, had to be rescued twice in the last year by the U.S. government, which now owns around 34 percent of Citigroup. |
So all that hype about the credit business going down the tubes and the working classes not having access to credit if we didn't cough up a "rescue" for Citi was avoided... how again?
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