26
Mar
2008
Citigroup Credit Card Boss Breaks Some Eggs. Gets Shown Door.
Posted by Steve Rhode as Uncategorized
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Not that long ago I wrote about how Egg bank in the U.K., a part of Citigroup, had kicked 161,000 cardholders to the curb and terminated their credit cards. For many the only crime they were guilty of was paying thei credit cards in full and not making Egg more money.
As even an unborn child could predict, Egg bank said “It ain’t so” and protested that it was ne’erdowells, late payers and the scourge of their portfolio that was cancelled.
Well apparently all was not as it was denied and a couple of weeks ago, Ian Kerr, the leader of Egg and head of UK consumer banking for Citigroup decided to coincidently resign. Kerr’s resignation was probably encouraged following the wave of complaints about the consumer unfriendly actions of Egg bank to the Financial Services Authority.
It is reported that George Awad, Citigroup’s consumer chief executive for Europe, the Middle East and Africa, said he was disappointed to lose Mr Kerr, but respected his decision. Privately Awad was probably thankful that he didn’t have to fire Kerr’s ass and make the situation even more focused on the fact that Citigroup really blew it on this decision to dump cardholders that pay their bills in full and on-time.
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Steve
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2 Responses
Credit Crunch » Citigroup Credit Card Boss Breaks Some Eggs. Gets Shown Door.
March 26th, 2008 at 8:04 am
1[...] Credit Score Guide wrote an interesting post today onHere’s a quick excerpt Not that long ago I wrote about how Egg bank in the U.K., a part of Citigroup, had kicked 161,000 cardholders to the curb and terminated their credit cards. For many the only crime they were guilty of was paying thei credit cards in full and not making Egg more money. As even an unborn child could predict, Egg bank said “It ain’t so†and protested that it was ne’erdowells, late payers and the scourge of their portfolio that was cancelled. Well apparently all was not as it was denied and a co [...]
Credit Cards on Credit Speak » Citigroup Credit Card Boss Breaks Some Eggs. Gets Shown Door.
March 26th, 2008 at 8:05 am
2[...] Citigroup Credit Card Boss Breaks Some Eggs. Gets Shown Door. Not that long ago I wrote about how Egg bank in the U.K., a part of Citigroup, had kicked 161,000 cardholders to the curb and terminated their credit cards. For many the only crime they were guilty of was paying thei credit cards in full and not making Egg more money. As even an unborn child could predict, Egg bank said “It ain’t so†and protested that it was ne’erdowells, late payers and the scourge of their portfolio that was cancelled. Well apparently all was not as it was denied and a co [...]
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