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Citi … bank … rupt?

There have been rumours this week of Citi being bankrupt in Banknet360 and Yahoo’s message boards (see earlier blogs on Yahoo message boards and Citi)

"Citi filing for Chapter 11 in the next few days" … oh no! what a headline. 

However, according to Here is the City, these rumours are originating out of Asia and based upon traders trying to depress the stock.  Here is the Citi call this "financial terrorism" and it is unsurprising in current climate that such rumours can grip the market interest.

Meanwhile,
I’ve always got an eye out for talent in the banks I visit … now
that’s an ambiguous statement if ever I heard one … and, in order to
avoid the situation where Citi cannot replace their CEO in a timely
fashion, I was gratified to see that they have created a new role.

CTO.

Chief Talent Officer.

The lucky chappie with this title is Paul McKinnon, formerly senior vice president for human resources at Dell. 

So, he’s learnt all he knows by eyeing up the talent in the computer
room, ay?  Moving out of circuit board city, he’ll probably be amazed
at the wonders of trading room desks, payments professionals and retail
branch operations … so much more glamorous isn’t it?

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • I find this all very confusing Chris. You understand the City better than I do, so can you explain why when some guy at Citi put the money on the wrong horse he got a zillion dollar bonus, but when some guy at Societe Generale put the money on the wrong horse he got fired. I don’t get it.

  • Because one is called a “Chief Executive” and the other a “junior trader” or, more seriously, because one was playing with markets using accounts that didn’t exist (SocGen) and the other with our accounts, which do exist and which he was trying hard to add value to (Citi). The latter would be the official line anyway.