Tuesday, January 15, 2008
Best Line of the Day
by Ken Houghton
You see, I did what I always do with presentations: looked at the numbers. So I looked at page 16 and saw that Commercial Business revenues were down 21% YOY, and Net Income for same was down 15%.
Then a coworker pointed to the text on the right-side:
"Margin compression" apparently translates into English as: "Our business model doesn't work here."*
*I welcome any alternative description of the phrase that explains an 18% rise in deposits and a 21% decline in revenue.
I wish I could write business documents as well as the person who prepared Page 16 of Citibank's presentation today (h/t CR).
You see, I did what I always do with presentations: looked at the numbers. So I looked at page 16 and saw that Commercial Business revenues were down 21% YOY, and Net Income for same was down 15%.
Then a coworker pointed to the text on the right-side:
Commercial Business
– Average loans up 10%, deposits up 18%
– Margin compression
"Margin compression" apparently translates into English as: "Our business model doesn't work here."*
*I welcome any alternative description of the phrase that explains an 18% rise in deposits and a 21% decline in revenue.
Labels: banking, bankruptcy, High Finance, mortgage
