Shitibank now in the dumps

Finally, one of the most hated bank in Malaysia - even labeled as Shitibank by lots of credit card carrying Malaysians, is going to the dogs. It will be slashing 53,000 employees worldwide. (Thats 2nd all time cuts after IBM (which posted 60,000). Incidentally, IBM is also known as Its a Big Mistake.)

It's now even called the "SICKEST Dog".

“Of the big banks, Citi is the sickest dog,” Howell said.

Of the big four U.S. banks, a group that also includes JPMorgan
Chase & Co., Bank of America and Wells Fargo & Co., Citi is the
only one that has not made a recent major acquisition — which analysts
say is one of the few chances for growth right now. Citi is also the
only big bank left that has posted four straight quarterly losses.

In a research note Monday, Buckingham Research analyst James
Mitchell wrote that the “the recent bout of expense cuts can get the
company’s expense levels in line with its peers.” But he added that
Citigroup has much greater exposure to total risky assets, more than
double its peers.

How the mighty have fallen! The once arrogant bank that dishes out credit card only to penalize subscribers surprise charges, is now getting the dish thrown at them. Many recall the rude treatment from their customer service managers and how they insisted on not giving them their reward points once subscribers chose to terminate the card. Some even complained of bank initiated identity theft!

Now.. we say goodbye .. You definitely will not be missed!