If you thought the Bank Failures were over, think again!
I expect a MAJOR U.S. Bank to go under in 2024, and likely in the 1st Quarter.
Not only that, but I’m going to name who I think is most likely: Citigroup.
I’ve been watching them for quite a while, but here’s the latest: 20,000 jobs slashed. Poof. Gone.
From the Financial Times:
— Dave …. just Dave (@DavidPylyp) January 21, 2024
Warnings were posted back in November of last year:
Citigroup CEO's "Project Bora Bora" Overhaul Could Result In Deep Job Cuts https://t.co/retg86cruQ
— zerohedge (@zerohedge) November 6, 2023
2024 layoff season is in full swing.
Citigroup is cutting 20,000 jobs and restructuring its corporate management plan.
If you’re on the corporate chopping block, don’t wait until it happens to you.
Start building your life raft now. pic.twitter.com/LoNsg4E5sx
— Luke (@luke_brocks) January 16, 2024
Build your life rafts is right!
Here are more details from Fox Business:
Citigroup on Friday said it will slash 20,000 jobs.
The reductions, detailed in the company’s fourth-quarter financial results deck, can be linked to Citi continuing to execute its ongoing reorganization.
Citi will axe the positions “over the medium-term,” something that should ultimately bring its expenses down by $2-2.5 billion, according to the company.
The job cuts will shrink the roughly 200,000-person workforce excluding Mexico that Citi reported it employed at 2023’s year-end by 10%. When counting Mexico, it directly employed 239,000, according to Citi.
Citi projected medium-term layoffs and reorganization will bring costs in the $700 million to $1 billion range in its fiscal 2024 year, according to the company.
The ongoing corporate reshuffling seeks to “speed up decision making, drive increased accountability and strengthen the focus on clients,” Citi said in September. It has entailed making the people running the company’s five businesses direct reports of CEO Jane Fraser and cutting layers of management, among other initiatives.
CITIGROUP REORGANIZES BUSINESS MODEL TO STREAMLINE OPERATIONS
In the fourth quarter, it racked up restructuring costs of about $800 million and severance costs of roughly $100 million, the company said.
But it’s not just Citigroup in trouble…
Job cuts are also hitting Google, Blackrock and Amazon:
Google, Citigroup, BlackRock And Amazon Announce Job Cuts—Here’s Why We Will Continue To See Layoffs In 2024
The ongoing job cuts are being driven by a combination of continued economic uncertainty,…https://t.co/e63zTUbvFN
— MAGA WARRIORS (@maga_warriors) January 22, 2024
Don’t say we didn’t warn you!
This is going to be bad folks, most people have no idea what is coming:
Weiss Reports: 1,200 Banks Have “Imminent Risk Of Failure” [99% Accurate]
Recently, I brought you this report:
Yeah, you think that's a bad sign?
We've been warning you!
In fact, we recently told you about a major warning published by Weiss Reports that not many of you saw, so I wanted to bring it to your attention again.
You're going to want to pay very close attention to this!
But first I want to show you four stories that have broken after we originally brought you this warning from Weiss Reports.
First was this:
And finally this:
You starting to get a "meta narrative" here?
Starting to see the big picture?
Weiss Ratings saw it a few months ago, and now I want to give you that report once again, which I think is more relevant now than even when it was first released.
They seem to have nailed it.
Did you think the Banking Crisis was over?
I sure hope it is, but honestly folks I have to keep sounding the alarm because I don't think it is.
So while I'd love to bring you "hopium" and positivity, I'd even more prefer to bring you TRUTH.
Because I don't want anyone to say "why didn't you warn us?"
This is me warning you.
It's also Weiss Ratings.
Somehow they fly under the radar, but they should get MUCH more attention than they do.
Unlike the big financial firms who have one ratings agency under one part of their company and then a brokerage house under the other part of their company (a HUGE conflict of interest), Weiss is an independent ratings agency.
Founded in 1971, the company has a stellar track record.
Almost unbelievably so.
How did they far in the 2008 crash?
From their website:
Ok, so a company that was 99.8% accurate in warning about 464 of 465 failed banks is probably someone we should listen to right now.
So what are they saying right now?
It's 2008 times 3 as Weiss is now warning that 1,200 banks are at immediate risk of failure:
Weiss Ratings, who rates banks, and has been accurate over 95%, predicts over 1,200 banks are in imminent risk of failure. Might be a good idea to go to Weiss Ratings and check your bank.
— SueDinNY (@SueDinNY) May 16, 2023
Here's more from their June 5 article:
I have an urgent message and an equally urgent, today-only recommendation. But first the facts …
Based on year-end 2022 data, our Bank Safety Ratings showed there were close to 4,250 banks and credit unions at present or future risk of failure.
That was both shocking and controversial.
Now, there are 5,274.
That’s bound to be even more shocking and controversial.
So, let me take this opportunity to provide full disclosure of our methodology and philosophy.
First and foremost, we’re not here to protect the banks or make mealy-mouthed excuses for bad management and government meddling. That’s their “job.”
Our job is to help protect the customer and the investor. That’s why we never have accepted — and never will accept — payment from the institutions for our ratings.
The data comes from the FDIC. They’re the ones who collect quarterly reports from the banks and then provide the data to research or ratings firms like ours.
Then our computer models crunch the data and generate the ratings. No bias. No second-guessing or cherry-picking. It is what it is.
But built into our models is our view of what’s important, what’s safe and what’s not safe. So, at the end of the day, our rating is an expression of our opinion.
Other analysts are free to have their opinions, and if they differ from ours, we can have a reasoned debate about who’s on target or who’s not.
Then, let history be the judge.
Opinions are also tied to goals. So, let me say it again: Our goal is to protect the bank customer and investor.
And with rare exception, they tell us the last thing they want is to get caught up in a bank failure.
Dallas Brown from Weiss was on Glenn Beck's show this week and I have to show you this interview:
You may have noticed Glenn brought up gold.
Gold has been the ONE currency to have stood the test of time.
Literally "God's Money" it has never gone to zero and by all accounts never will.
And the Central Banks know it.
I always say: watch what they DO, not what they SAY.
There's a phrase on Wall Street called "talking your book".
It's a pretty evil thing...
Basically what it means is while you are telling the world one thing, you are secretly doing the exact opposite behind the scenes.
Because if you can make the entire market panic (retirees, workers contributing to 401ks, people trying to get ahead with investments), then you can swoop in while they're panicking and buy on the cheap!
Vice-versa, if you can create euphoria, you can get the public to buy in at exactly the wrong time....all while you cash out.
It's what Wall Street has been doing forever.
And history is repeating itself right now with Gold and Silver -- in my opinion.
For the last year, central banks across the globe have been buying up as much gold (and often silver) as they can acquire without raising alarm bells.
Now, we see why.
The recent bank runs and ongoing collapse of the U.S. banking system was anticipated by the "elites" and the central bankers who run things behind the scenes. They saw it coming and knew the best way to protect their assets was through physical precious metals.
So...the only question is, are you going to do what they TELL YOU or do what they DO themselves?
It's why Jim Cramer is wrong almost EVERY time on CNBC.
His job is not to give you great Financial Advice.
I sure hope you didn't think that.
No, his job is to "talk the books" for Wall Street and get the narrative out that they want!
Even if it's wrong -- like it is over and over and over.
So, what can you do?
You can do what the Central Banks are doing...get some Gold and Silver.
I just talked about precious metals this week with Bo Polny and now I'm bringing you a solution that you can utilize right away if you're so inclined...
Oh and here's the best part...it's from a faith-driven, conservative precious metals company whose mission is to help Americans tap into the rising precious metals market through self-directed IRAs backed by physical precious metals. And while this service is not unique to Genesis, their adherence to Biblical stewardship of money makes them singularly qualified to receive a sponsored recommendation from this site.
Unlike most companies offering similar services, Genesis deals only with physical precious metals.
They do not offer "virtual" or "paper" gold or silver.
Oh, and you know who else loves these guys?
Literally Superman, Conservative Actor and the man who once played Clark Kent on ABC, Dean Cain.
Check this out:
With Genesis and their depositories, customers can see and touch the precious metals that back their retirement accounts. When it comes time to take distributions, Genesis customers can cash in some or all of their precious metals or have them delivered to their door.
Central bankers aren't slowing down. In fact, nations like China and even U.S. states like Tennessee are quickly but quietly buying up gold to back their own treasuries. When the writing on the wall is this clear, it's understandable why these governments are moving quickly to get ahead of any potential economic catastrophes in store.
Working with Genesis is the best way our readers can explore the physical precious metals market through self-directed IRAs. It benefits us as well when our readers work with this America-First company.
Visit genesiswlt.com or call 866-292-0443 today.
Don't wait too long, according to Weiss we have more bank failures right around the corner.
You know what has NEVER "failed"?
Gold. Precious metals. Indestructible.
There's a reason they call it "God's money".
Watch this for more: