Wednesday, Jan 14, 2009
Biggest Bank in the world breaking itself up
Daily Mail: Citi break-up puts hundreds more bank jobs at risk
Hundreds more bankers in London are at risk of losing their jobs as Citigroup moves to break itself up in a drastic bid to secure its future.
Citi, the world's largest bank with some 10,000 staff at its offices at Canary Wharf, is preparing to split into 'good' and 'bad' banks to isolate toxic and unwanted assets from the healthy parts of the business.
This would shrink the once-mighty banking giant by a third and could also involve the sale of various 'non-core' units, leading to yet more job losses.
Posted by mountain goat @ 01:53 PM (733 views) Add Comment
7 Comments
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1. mountain goat said...
Not a good day for banks all-round Barclays bosses in boardroom bust-up as bank announces 2,100 job cuts

2. Mickmas12 said...
blah blah blah
3. crunchy said...
30% more American banks to be sucked up this year. Like it or not.
Centalisation/consolidation is the long term aim.
4. rm96696 said...
Sounds like more pent up housing supply is on the way...
5. P. Riddy said...
What shareholders get lumped with toxic waste? Insiders? I think not. Sounds like a Madov theft scheme to me. They've milked the 'insolvent' parts to death. Now playing pass the parcel.
6. fjcruiser said...
Who said bigger was better ? Only the fat cats who stood to get paid massive bonuses based on earnings.Is Bank of America next ?
7. Tyke said...
Am I bovered?