With the recent market nervousness that’s been created by the news of AIG and Citigroup both needing urgent funds with one resorting to disposing valueable assets and the other on the verge of nationalisation, yet another news is cropping up from another financial institution.
This time, it is HSBC who needs to raise some $17 billion and cutting down over 6,000 jobs in the US. Coupled with that, some units of HSBC are also closing down in the US. You can read the article for more information on Bloomberg.
It looks like we are really far from seeing the worst that has yet to come. Day by day, more and more companies are making headlines with their troubled financial positions. We don’t even know what’s going to come tomorrow!
