Citi Gives GE The Heisman

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Faced with the possibility of unloading all or part of its credit card business, Vik and the boys decided they were not going to accept any low-ball offers from the likes of Jeff Immelt. While contemplating either an outright sale of the unit to GE or joining their credit card operations in a joint venture, Citi wanted a premium for its branded and private label cards. As delinquency rates head towards multi-decade highs, this seems like perfect timing for Citi to rely on its ability to raise rates enough to account for its rigorous underwriting standards. Or maybe they just know the recession is over and there is nothing to worry about.
TAKING NO CREDIT [NYP]

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