improving operational efficiencies by "returning the company to its core competencies," Kopp said. In the process though, Citigroup appears to be taking a sharply different approach than its main rival JP Morgan Chase , he said. Whereas JP Morgan has been making trying to use technology to gain a competitive edge, Citigroup's immediate focus appears to be more just retrenching to cut costs, he said.
"It's a bit paradoxical. For many years Citigroup was seen as a leader in technology," Kopp said.
"The overarching goal should be efficiency," Kopp said. "That can only happen when you do a deeper transformation of the business and by modernization of the technology platform."
What appears to be happening at Citi is the exact opposite, Kopp said. "It is about using the axe and cutting any development or investments" in technology out of necessity and not because it will help improve efficiency, he said.
"It may look like reducing expenses but that doesn't necessarily mean that productivity and the efficiency in the company will see any quantum improvements," Kopp said.
Reprinted with permission from Computerworld. Story copyright 2008 Computerworld Inc. All rights reserved.
RBC Bank President Gordon Nixon - Salary $11.73 Million
$100,000 - MISTAKE (FISHERMEN'S LOAN)
I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca
http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY
"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"
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