Sunday, Nov 23, 2008
Citigroup hovers on the brink of collapse
BBC: Citigroup seeks 'emergency cash'
Executives of Citigroup, one of the biggest banks in the US, are in emergency talks with the US Treasury to gain much-needed funding, reports say. The bank is also said to have contacted certain shareholders to assess their interest in increasing their stakes as as it faces an uncertain future. Citigroup stock ended 20% lower on Friday as its board members met. Last week the company announced 52,000 job losses worldwide on top of 23,000 job cuts previously announced.
Posted by jack c @ 04:37 PM (507 views) Add Comment
7 Comments
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1. fjcruiser said...
what would you think of a man who after loosing out the top job at Morgan Stanley decided to set up his own hedge fund in 2006, managed to sell it for $800 Mil to Citi pocketing $165mil for himself on the way then hearing that Citi did wind down the fund less than a year later and propmote that same man to the top job ?
No wonder the largest bank is in trouble. Another case of reward for failure.How much will he pocket this time to leave ?
2. japanese uncle said...
Pandit, some namesake, indeed.
3. japanese uncle said...
Bandit may be a little more appropriate
4. crash bandicoot said...
"Citigroup needs a deep-pocketed investor that is ready, willing, and able to step up in the next few days."
Is that because it is now time to pay out the bonuses?
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