citi auto

[WORRIED]

Will Citi Auto be sold and just liquidate out??

[The Fixer]

Yes.

[WORRIED]

The Fixer wrote:

Yes.

Wonder what time frame we would be talking about and if it will stay in tacked like it is now.

[its not me]

The Fixer wrote:

Yes.

as in "out of business" or as in "under new owner" ???

[The Fixer]

Obviously Vikram's preferred is for it to be sold, otherwise the 'assets' will be allowed to 'run their course', and the business will eventually shut down.

[here we go]

anyone have an idea of what company out there could buy citi auto ?? the last name that was mentioned in 07 was HSBC... however they now have there own problems.

[Still here]

here we go wrote:

anyone have an idea of what company out there could buy citi auto ?? the last name that was mentioned in 07 was HSBC... however they now have there own problems.

How about Chase? Or Bank of America? I don't know but I'm getting bored and aggravated not having enough work to do every day. I still feel that we cannot possibly go on like this.

[nc employee]

Still here wrote:

<quoted text>
How about Chase? Or Bank of America? I don't know but I'm getting bored and aggravated not having enough work to do every day. I still feel that we cannot possibly go on like this.

There are no intentions to sell, we are a profitable division.

[formerfan]

nc employee wrote:

<quoted text>There are no intentions to sell, we are a profitable division.

Don't kid yourself. Every step of the way through the various cuts over the past 20 years, it was the same story told by management, there is no intention at this time to cut, close, reorg, sell.....you name it.

[WORRIED]

After Friday's Citi Auto Townhall Meeting,, does anyone believe the President of Citi Auto when they say we're not going to be sold ?

[The Fixer]

I don't believe Citi Auto was listed as a "core" business, so chances are good if someone comes in with a 'good' offer on the Citi Auto Portfolio, your asses are gone...

[fishfinder]

Core or Non-core , If a company comes in with enough money to tempt Citi , they would be very serious about moving forward with the car business and might not be such a bad thing !
You wouldn't buy something to close it .

[Still here]

I don't believe they'd TELL us. They sure didn't tell us they were shutting down half our company and they're not going to tell us we're up for sale.

I guess we'll just sit and wait.

WORRIED wrote:

After Friday's Citi Auto Townhall Meeting,, does anyone believe the President of Citi Auto when they say we're not going to be sold ?

[Fun in the sun]

OH, its coming. Just watch and see.

[Concerned]

Fun in the sun wrote:

OH, its coming. Just watch and see.

Is this just your gut feeling or do you know for sure?

[Wondering]

Does anyone have any idea if Citi Auto will have anymore layoffs besides the one that just took place in April ?

[troubled]

Has anyone heard if they'll be more cuts at Citi Auto?

[neowiz]

I am in Auto. The company line is that originations, now folded into Citifinancial, will remain. What no one will touch with a ten foot pole is the fact that they have already announced they will liquidate the existing $21 billion portfolio. If they can find a buyer they will sell it and with it cut all of the collections/customer service businesses. If they can't sell it, it will just slowly run off over time. They will use natural turnover for awhile until they will slowly layoff the rest. It will take a few years.

[troubled]

neowiz wrote:

I am in Auto. The company line is that originations, now folded into Citifinancial, will remain. What no one will touch with a ten foot pole is the fact that they have already announced they will liquidate the existing $21 billion portfolio. If they can find a buyer they will sell it and with it cut all of the collections/customer service businesses. If they can't sell it, it will just slowly run off over time. They will use natural turnover for awhile until they will slowly layoff the rest. It will take a few years.

So If I understand you correctly, you're saying Citi will liquidate the auto (if no buyer). If that's the case, then why keep buying new auto paper? It just doesn't make sense.

[The Fixer]

I've worked at Citi for quite some time... Typically I find a lot of things here don't "make sense", and when you confront those that may have the ability to change it, the response is, "Is it what it is", as if that's some sort of valid excuse for stupidity or mediocrity.