Yep, Citibank will be firing 53,000 people real soon.
That means more of everything like foreclosures, bankruptcies, and a serious economic impact.
And, I can understand why it's happening. Citibank hired a lot of stupid people, and it abused its clients.
Example. I had a credit line with them with no interest. When the free lunch expired, I had the money to pay them off, but I didn't. When the next bill came, Citibank had raised my interest rate to 19.99% (a lot of financial institutions are doing this on cash advances). I raised hell, but I didn't get a satisfactory response.
So, I paid the balance due, kept copies of everything, even account statements showing a zero balance. When the next bill came, they wanted more money, even though I had a zero balance.
I retaliated by sending a letter to the Comptroller of the Currency with all of the documentation. Banks don't like hearing from the Comptroller for any reason. I got this sorry excuse of a letter from Citibank with half truths about the account, but the secondary charge was forgiven. Although the amount was less than $15, it was the principle of charging interest on money not due, in my opinion.
And guess which bank was one of the first going to Treasury with its hypothetical hand out. Citibank.
Guess what account I don't use any more? DUUuuuuH!
