Citigroup Inc. faces serious economic recession that makes the major American financial services company cut another 2,000 trading and investment-banking jobs.
It’s the second time this year that the company cuts jobs, both cases based on the previous mortgage market crisis, costing Citigroup a loss of almost half its market value.
On January 7, 2008 Citigroup announced that it is considering cutting 5 percent to 10 percent of its work force, which totals 327,000.
Analysts broadcast further losses taking into consideration Citigroup’s loss in the fourth quarter (the biggest in its 196-year history) and the current events. Some predictions are even darker and hint that Citigroup is balancing over a gulf.
The British Prime Minister cuts a sociopathic figure, isolated, stubborn beyond belief, totally wrong and convinced that the world gravitates around her feet
The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13