Citi Holdings

[blackredciti]

Anyone working for Citiholdins, news on their company's status? Post here on new thread.

[Devoted]

blackredciti wrote:

Anyone working for Citiholdins, news on their company's status? Post here on new thread.

Hello,, I work for the Auto Division which is now a part of Citi Holdings. Would like some news as well. Thanks

[CFNA]

They just hired in some hotshot from Morgan Stanley to oversee the sale of Primerica and CitiFi...which seems to be the immediate short term goal.

[highlow]

Does anyone know it Primerica has been sold?

[CFNA]

Citispouse wrote:

Geez, Citifi carried everything else, it makes no sense to sell it off.

Never thought there would come a day when I would say this, but here it goes.

Agreed CitiSpouse. CitiFi has offset a ton of bad corporate debt with its margin of profit over the years. It has always been a lucrative business that sort of ran itself quietly on the sidelines. It was a stand alone business with its own computer system and software, branch support network, HR, IT and customer base.

However, the reason for the sell-off now is its losses are overtaking its incoming business. You said your husband works as a branch manager. He can tell you that the unbridled lending that has gone on the past three to five years is coming home now in the form of sweeps (at the branch level). These accounts are the Excellent H/O, Premier, HOI and HOII products in most cases. You only have to look at a branch's Adjusted Risk Yield report to see the charge off rate in this bracket. These borrowers did not need to meet the ATP requirement and we were told in the past to book it to the max. So we did. Customer qualifies for 15k unsecured? Sure! Give it to them! Self employed, high FICO - hey they qualify for Premier. Book it Dano and Ex$ell here I come!

My branch alone is sweeping an enormous amount a MONTH to CACS. Each branch in my district is doing the same and each branch in the region is not far behind. Now, once an account sweeps from the branch there is a 50% recovery rate. You can do the math.

In this environment we cannot offset those losses with new business because the powers that be have nuked the scorecards so much that we cannot get anything approved and get it to the table to close. Not only that but we have now become so gun shy that we don't want to book it!! And we are forbidden (at least in my state) to put on new business that falls below a certain interest rate. So that limits the amount financed.

That is why they are selling us off. CitiFi is long overdue for numerous upgrades to software, hardware, buildings, furniture, equipment and Pandit does not want to invest in us anymore. We were on track to get Symphony and new office decors. New servers, monitors, wireless keyboards and other hardware. We have become a liability if you can believe it.

When you put it all together now is the perfect time to sell if you can find a buyer. We are like an old car that keeps needing repairs and keeps sucking your wallet dry of late. It's time to get rid of the ole gal. That is how they see it.

[Citispouse]

poo poo head my butt is to big

[Citispouse]

I have hair in my teeth I think I DRANK TO MUCH LAST NIGHT

[Citispouse]

I hate myself

[blackredciti]

a tip, solicit, solicit, solicit and shoot high for auto pays......from a "visit"

[CFNA]

blackredciti wrote:

a tip, solicit, solicit, solicit and shoot high for auto pays......from a "visit"

Now why didn't I think of that!!?!

What kills me about AutoPay is this:

Our clientele consists of B, C and D credit profiles. Why do they have bad credit? Because they don't pay their bills on time or at all. Why don't they? Because some life event has happened or in most cases they just didn't feel like it. Most of these customers can't even balance a checkbook and we want them on AutoPay??

I had a customer tell me to my face at a closing that she did not want AutoPay because if something happened and she did not have the money in the account she did not want a $35 charge from the bank. I asked her if she felt she was going to have problems repaying the account and she told me "Well I'm sure there will be a few times when I can't make my payment on time." WTF.

My RD told us in our kick off meeting about the benefits of AutoPay sure. How it helps the customer pay out sooner (which they will never do because we keep renewing them), and it helps maintain the integrity of the customer's credit file (which our customers care nothing about). So I don't get how I'm supposed to sell a product that has no practical use to our customer base.

[seen it coming]

Citispouse wrote:

<quoted text>Ever tried training the customers to handle their finances better?

A leopard doesn't change it's spots. People have been trying to get you to leave this forum daily and it hasn't worked for months. Yet you think Citi can change a customer's habits during a loan closing. And I thought you knew it all..... tish tish.

[Get real]

Citispouse wrote:

<quoted text>Ever tried training the customers to handle their finances better?

If they could be taught to, or even cared to handle their finances then they would not be borrowing money @ 25 to 30 percent from us. Duh did you fall and bump your head or what ???

[blackredciti]

*No Matter What Your Situation, We Have a Solution!

At CitiFinancial, we don't just make you a loan - we become your partner in finding a solution. Our representatives will listen to your needs and look at your total financial picture. We look for ways to solve your immediate needs AND improve your outlook for tomorrow as well.(We'll help you determine whether you need a personal or real estate-secured loan.) We'll help you find solutions to help you afford what you want or need most in life.*

Bottom line, Citifi is here to make LOANS, not keep track of what you do with it! Long as they pay it back.......

[hmmmm]

Get real wrote:

<quoted text>
If they could be taught to, or even cared to handle their finances then they would not be borrowing money @ 25 to 30 percent from us. Duh did you fall and bump your head or what ???

Exactley, why is our country not protecting consumers with contols on these rates

[Get real]

blackredciti wrote:

*No Matter What Your Situation, We Have a Solution!
At CitiFinancial, we don't just make you a loan - we become your partner in finding a solution. Our representatives will listen to your needs and look at your total financial picture. We look for ways to solve your immediate needs AND improve your outlook for tomorrow as well.(We'll help you determine whether you need a personal or real estate-secured loan.) We'll help you find solutions to help you afford what you want or need most in life.*
Bottom line, Citifi is here to make LOANS, not keep track of what you do with it! Long as they pay it back.......

Very well put. We also offer our customers payment protection should they fall into an unforseen illness, unemployment or death .

[blackredciti]

(Exactley, why is our country not protecting consumers with contols on these rates)

Because we live in the U.S. of America, not Cuba, North Korea, Russia.......where we are allowed to police ourselves with minimum governmental interference and where we are supposed to be accountable for our own actions or lack of.

[Citispouse]

seen it coming wrote:

<quoted text>
A leopard doesn't change it's spots. People have been trying to get you to leave this forum daily and it hasn't worked for months. Yet you think Citi can change a customer's habits during a loan closing. And I thought you knew it all..... tish tish.

Don't be ridiculous, the training, if you were competent, would take place over the life of the loan, starting at loan closing and ending when they can effectively use the knowledge to repair their credit. Have you been doing this long?

[Citispouse]

Get real wrote:

<quoted text>
If they could be taught to, or even cared to handle their finances then they would not be borrowing money @ 25 to 30 percent from us. Duh did you fall and bump your head or what ???

How silly. If you had 2 brain cells to rub together you'd realize that the training is for future performance, it's too late for the past. Again, have you been doing this long?

[CFNA]

Citispouse wrote:

<quoted text>Don't be ridiculous, the training, if you were competent, would take place over the life of the loan, starting at loan closing and ending when they can effectively use the knowledge to repair their credit. Have you been doing this long?

It has nothing to do with competency. We simply are not financial advisors. We can't offer advice on how to manage finances and we can't offer legal or investment advice. And even if we could ....if I sat someone at my desk for an hour and taught them the basics of a credit/debit system and how to balance a checkbook my manager would be all over me in a heartbeat because it has been determined by people higher up than I that it is not my job. My job is to lend money, sell the insurance, get the AutoPay and start collecting it back 30 days later.
So please. Unless you work for CitiFi just hush it up and stop telling me what my job is. Stop coattailing on your spouse thinking you know what it's like to work for CitiFi. You know nothing and we are all sick of you.

[blackredciti]

Citi training is for citi-staff to educate customers on the products available with the loan. Citi is not responsible for the customers failure to pay once they have the money in their hand or their bills paid. Citi staff cannot read peoples minds and can only rely on information the customer feels like imparting and citi takes a risk having to believe them! Insurance,home and auto and deferrments are options and tools available if the customer wants it. They are not requirements. Citi is not a consumer credit help line. Customers are responsible for the note, and sign in agreement as such.