Jobs going in the Citi
Mon 21 Apr 2008
21/04/2008
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The world's largest bank, Citigroup has announced it is to loose 9,000 staff in addition to the 4,200 it announced would go last quarter, it was reported. The company reported a net loss of $5.1 billion (£2.5 billion), despite record earnings in transaction services. "Our financial results reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions," said Vikram Pandit, chief executive officer. Its revenue fell 48 per cent in the first quarter, largely because it was so exposed to the sub-prime markets. "We have taken decisive and significant actions to strengthen our balance sheet", said Mr Pandit who announced the realignment of the bank's mortgage business. The global credit crunch has made it difficult for banks to source their own finances and harder for people looking for mortgages. The Royal Bank of Scotland is to ask its shareholders for £10 billion. It will raise money in what is reported to be the biggest rights issue in UK corporate history.
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