Sunday, November 23, 2008
Citigroup hovers on the brink of collapse
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.