November 21, 2008

Citi Group Going Under?

Shares in Citigroup, one of the biggest banks in the US, fell sharply on Friday amid continued uncertainty about the company's future.

The firm's stock rose in early trade but later declined 18% as board members began a meeting.

The Wall Street Journal reported that Citigroup was considering selling parts of the firm. There are also rumours it might merge with another firm.

Earlier in the week the firm announced 52,000 job losses worldwide.

These cuts came on top of previously announced reductions of 23,000 positions.

The total 75,000 job cuts represent a cut of about 20% of its staff, leaving it with 300,000 jobs worldwide "in the near term".

Banks Future...

 

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