Share Prices shrunk 90% in two years; Financial Giant Citibank is in Trouble
In the past few trading days, Citigroup's share price fell sharply. On Nov.21, Citigroup's market value was only 2.1 billion U.S. dollars, which is only 10% of the sum 274 billion at the end of 2006. Analysts believe that if the Citibank Group appears the serious problems, the U.S. economy will cause tremendous damage.
U.S. banking giant—- Citibank will again lay off about 53,000 employees. Currently, the management of Citibank now looks through the layoff project. As a result, the total number of Citigroup employees will be reduced 20% of 375 thousand at the end of 2007. n October of this year, Citibank has just announced to lay off 22,000 people.
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