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Sounds like Citi is taking a play out of JPMorgan's gamebook. Earnings great, retreat and layoff!
CIO is toast
Hearing layoffs for Repurchase coming this month, January 2020.
Perhaps but the fact of the matter is retail is going extinct. Banks included. It’s undeniable.
@1oxb Perhaps because the "best economy in 10 years" was never all that great to begin with...
Won’t be different other than it will accelerate. Retail brink and mortar (clothing stores, etc) has closed more stores this year than at any other point including the financial crisis. Think about that. 10 years after the financial crisis retail has closed more stores than ever before. During the best economy in 10 years. Why? Amazon et al. Same is happening to banks. It’s going to get soooo much worse over the next several years.
And for those of you that think youre safe. You’re not. The banks are throwing billions into automation.
We hear this every quarter since 2013. How is the future chaos going to be much different?
All the powerful people know that the "good times" won't be lasting much longer and are preparing accordingly.