Citigroup Bank
The Citigroup Bank are of course still in the picture with investments from other sources still in question. Citigroup are looking to cash-rich investors and hoping to confront the massive mortgage losses with potential offers from foreign governments.
It’s been a rocky ride for the largest banking group in the US.Charles Prince resigned earlier last year then Vikram Pandit was appointed the new Chief Executive. Now of course Citigroup report the financial loss in the last quarter of nearly ten billion dollars.
There are still thoughts from the Bank that the housing market and the wider scope of the economy has still not hit its lowest. The Citigroup plight has not helped the general anxiety about the possibility of a recession with the current mortgage crisis.
Stocks have been sold off and already taken a fall. We await the Merrill Lynch financial report which will of course add more stress to the ever growing anxiety in the economy.
If large financial institutions are restricted on loans this in turn will lead to cut backs in lending when the market needs credit the most.