Citi to Exit Municipal Business

[Dont Taz Me Bro]

This is exactly why corporate America should stick to providing goods and services to their clients while providing an acceptable ROI for their shareholders. Stay out of the politics and the social engineering. It never seems to work out well for them in the long run. In this particular case, Citigroup decided back in 2018 that they would put restrictions on the firearms manufacturers and dealers they do business with. As a private corporation, that is certainly their right, but actions have consequences. Subsequently, earlier this year, they lost one of their largest and most lucrative accounts with the State of Texas, who decided to in turn, no longer do business with Citigroup for what they considered to be policies of discrimination towards the firearms industry. The end result was a massive hit in revenue for Citi's municipal bond division, so far as they have decided to exit the business altogether, resulting in layoffs.

Citi to exit municipal business

The business is “no longer viable given our commitment to increase the firm’s overall returns,” the bank told staff Thursday in a memo.

www.bankingdive.com

If I was a shareholder in Citigroup I would be pretty upset about this.

 

[1srelluc]

Fuck with the bull....Get the horns.

Play stupid games....Win stupid prizes.

Fucked around....And found out.

Etc.

 

[okfine]

I think Citi has more problems than they are willing to talk about. If firing and downsizing is their idea of efficiency, so be it.