Citigroup cutting 11,000 jobs worldwide

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  • -2

    AKBfan

    Too big to succeed.

  • -2

    wanderlust

    These companies go on sprees of mergers and acquisitions, buying up small local and regional banks to have the bragging rights of being the 'biggest', then lay off thousands when they realize that being biggest is not cost-effective or productive, after they've received their merger bonuses of course, ruining thousands of lives in the process.

    Still, they could lay off many of their staff in Japan and the customers would hardly notice it, their service here is appalling...

  • -3

    some14some

    getting smaller, time to change name from citibank to village bank.

  • -4

    basroil

    wanderlustDec. 06, 2012 - 10:33AM JST

    Still, they could lay off many of their staff in Japan and the customers would hardly notice it, their service here is appalling...

    Not really sure what you mean, they have plenty of branches in the major cities. Other than that, it's just like any other Japanese bank, and actually better because they have everything in Japanese and English.

    The main reason Citibank (and the other 50 or so foreign banks) isn't bigger in Japan is because of xenophobic banking laws. They were created out of the fear that foreign banks would gobble up all the capital from local banks, and haven't been removed even though they no longer serve any purpose.

    The domestic banking laws on top of those laws also kill competition since you can pretty much only have regional banks, one reason it's a pain in the butt to use anything other than Yuucho Bank from JP for any personal transactions involving long distance transfers even within Japan. Only JP and Mizuho have branches in all prefectures, certainly can't expect foreign companies to do better than domestic ones when the laws are against them.

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