The story of Citigroup is one of greed and stupidity for nearly their entire history (if you doubt that you haven't read Exile on Wall Street). So I guess we shouldn't be shocked to find out that upper management at Citi sold their own people down the river and exposed them to indefensible positions in arbitration in order to make a buck. But the former Smith Barney guys didn't take it lying down, and openly revolted through emails revealed over the past few days. The emails bear out what has long been suspected: Sallie Krawcheck may have been fired for going to bat for clients who lost up to 97% of their investment in what Citi management touted as a completely safe muni bond alternative. Watch these two videos and then ask yourself: At what point do regulators just take Citi out back and shoot it?
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Citigroup is such a dump, and has been a total mess for as long as it's existed. Break the damn thing up.
Definition of zombie bank
C is a bloated company; always behind the curve. The guys I deal with on their commodities desk absolutely hate it.
Book recommendations are always appreciated... did you enjoy Exile?
Technically these emails and the issues with the funds are three years old.. has the place gotten any better since? And exactly what part of Citi are you asking regulators to shoot? Seems like their PWM business is doing okay, no? Haven't read the book, so maybe I'll check it out..
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