24Nov Next on the US bailout plan is Citigroup!
Citigroup has become the latest financial institution who has come under to receive a huge bailout from the US government. It has just been confirmed that the US government has agreed to a bailout of the bank at a sum of about $300 billion. According to analysts, the terms of the bailout have been rather easy on Citigroup and it is still unsure if this bailout is a means to end Citigroup’s financial problems. It may just tide the group over, as it may still struggle downhill.
What does this mean for thelocal scene here? Is the local Citibank franchise affected? It remains to be seen. The world is operating in a rapidly changing environment. It changes so fast that it makes no sense anymore.
Anyway, to read more about the Citigroup bailout, you can refer to this piece of news carried by CNN Money.
November 24th, 2008 at 11:15 pm
I’ve been reading along for a while now. I just wanted to drop you a comment to say keep up the good work.
November 25th, 2008 at 11:36 am
Citigroup got into this trouble because they have been very aggressive chasing revenue in the past few years and have taken risks in risky investments.
December 2nd, 2008 at 5:23 pm
I heard my granfather said that now citigroup want fire 50,000 employee around the world..now situation getting even worst
December 3rd, 2008 at 2:31 pm
Thanks, Aaron.
Banking88, huge money troubles like this normally don’t build up overnight, so yes I tend to agree that it has been simmering all along but no one took notice when all’s nice and rosy.
David, yes Citigroup made an announcement that they’re laying off 50,000 worldwide. Let’s watch and see what happens…