Is Citibank closing?

**gearhead** · January 23rd, 2008 06:32 PM

Need to verify this cryptic message I received from a friend in my email. Sabi niya na sasara daw ang Citibank. I asked him if he meant locally or globally.

I asked for more details but he got it from his friend in SG and there seems to be something about lay-offs and dropping stock. Honestly am not familiar with much of this.

Has anyone heard of news about this? Got any details? Just want to see how this will affect my credit cards.

**ghosthunter** · January 23rd, 2008 07:31 PM

Originally Posted by gearhead

Need to verify this cryptic message I received from a friend in my email. Sabi niya na sasara daw ang Citibank. I asked him if he meant locally or globally.

I asked for more details but he got it from his friend in SG and there seems to be something about lay-offs and dropping stock. Honestly am not familiar with much of this.

Has anyone heard of news about this? Got any details? Just want to see how this will affect my credit cards.

Must have been a knee jerk reaction to Citibank getting a loan to boost it's shares.

As for your credit cards, if citibank (local) does close its doors, your unpaid bills might be left uncollected (permanently) unless another bank buys out the accounts of citibank.

**theveed** · January 23rd, 2008 08:02 PM

Citibank is the largest commercial bank in the US, if it did close, then everyone should panic hehehhe. Your credit card bills would be the least of your worries.

Sincerely doubt Citibank is remotely close to closing.

**theveed** · January 23rd, 2008 08:06 PM

http://en.wikipedia.org/wiki/Bank

**awing** · January 23rd, 2008 08:33 PM

Does this the aftermath of the recent drop of stocks globally?

If it is, then surely some will follow.....

But I think NO WAY!! They are one of the biggest bank all over the world.

**uls** · January 23rd, 2008 10:05 PM

Citibank was still holding on to billions and billions worth of subprime related securities when the subprime thing became headline news.

They could no longer sell the securities coz nobody will buy them. Many other big banks found themselves in the same situation.

Citi doesnt know how much of its assets are tainted with subprime. Same with the other banks. Nobody would lend money to anyone. Nobody trusted anyone. Credit evaporated.

Citi was in trouble bigtime!

It badly needed working capital

Citi badly needed saviors.

First, the Abu Dhabi govt pumped $7.5B into citi.

Then $15.4B from Singapore, Kuwait, former chief exec Weill, and Saudi prince Alwaleed bin Talal

So with that cash infusion, Citi was saved.

Bow.

**uls** · January 23rd, 2008 11:17 PM

Originally Posted by gearhead

Need to verify this cryptic message I received from a friend in my email. Sabi niya na sasara daw ang Citibank. I asked him if he meant locally or globally.

I asked for more details but he got it from his friend in SG and there seems to be something about lay-offs and dropping stock. Honestly am not familiar with much of this.

Has anyone heard of news about this? Got any details? Just want to see how this will affect my credit cards.

Last nov., citi announced 17,000 will be laid off

Now, CNBC reported lay offs could be 20,000 to 24,000 worldwide

Pay your Citibank credit cards...

They need money hehe

If u dont pay, baka lalo sila malugi...

baka tuluyan magsara hehehe

**edzzz** · January 24th, 2008 12:44 AM

will it be in favor of us CC holders if Citibank closes? Whats in it for us?

**cutedoc** · January 24th, 2008 12:50 AM

so there is a truth to the rumors that citibank might close???

havent you notice good banks merges nowadays, bdo is getting a lot of shares, would this be healthy or threatening?

**VtEC** · January 24th, 2008 03:06 AM

dinaman nakakapagtaka yan.ala naman kasing permanent pagdating sa business.you may have been in the business for 1k years pasasaan din at darating din yong time ng iba tulad ng nararanasan ng ctbank.