Weekly Wrap: Throwing in the Towel


Updated on Mon Jul 21, 2014

This seemed to be the week when everyone said “Enough already. I quit.” Newsweek magazine announced it was giving up on print. Lance Armstrong walked away from Livestrong (and Nike walked away from Lance.)  Harry Potter broke up with his girlfriend.

The banking world was no exception. Vikram Pandit, chief executive officer of Citigroup shocked Wall Street and regulators with his announcement Tuesday that he was quitting– effective immediately.  We’re not fans of Mr. Pandit. Not many people are. Nonetheless, we wish him well. Here’s hoping he finds some valuable advice in the article we published this week by an executive at rival Chase. It’s called Stop Working & Start Living: Five Tips for Financial Freedom in Retirement.

Maybe this was the week that you quit too. If you’d hoped to land that cushy gig at Citigroup, we regret to tell you that it’s already been filled. But we did find some interesting information on what sort of person gets picked to run a megabank these days. It turns out it helps to be a football player from Harvard that the lunch ladies have a crush on.

If you did quit this week, you may want to call your boss and tell him it was all a terrible mistake. There was a slew of bad news on the financial front. Take a look and that paycheck of yours may not look so bad.

First, we found that checking fees are highest in the Northeast, where millions of us, including the MyBankTracker crew, live and work.

Next we learned that no matter where you are in the United States, 1 out of every 4 of us has been the victim of credit-, debit- or prepaid-card fraud.

We also found out that recent college grads are facing a debt and employment situation that looks even worse than it did a few weeks ago.

With things looking that ugly, maybe it’s time to ask for some help. We wrote a guide to getting someone to cosign a loan for you. Now don’t get your hopes up. Taking on more debt is seldom the answer to finance problems. Besides, odds are no one is about to cosign a loan for you — you just quit your job! Who do you think you are, Vikram Pandit?

But if someone is silly enough to cosign for you, we’d suggest you run right out and buy a new mobile phone. It turns out that the Isis mobile wallet will make its debut later this month. Besides, a new study suggests that everyone will be paying for things by waving their phones in the air within just another few years. You don’t want to look like some sort of mobile-payments luddite, do you?

Lastly, we published the second in our slideshow series on the beautiful banks of old in New York City.

Take a look. If those photos don’t make you smile, there’s nothing more we can say to the likes of you than this: “Enough already. We quit.”





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