Citigroup Inc. is expected to announce thousands of job cuts after posting dismal results for the fourth quarter, when the bank's mortgage-riddled portfolio lost billions of dollars in value.
Citigroup is said to have loss nearly $10 billion in the fourth quarter as it took a write-down of $18.1 billion for bad bets consanguineous to the mortgage industry, the bank said on Tuesday Jan. 10, 2008.
I wonder how Mr. Charles O. Prince feels about this loss! Well he might don't care about Citigroup, he left with $95 million and share awards. Read more on this story....
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