the world’s biggest financial bank, is reportedly planning to axe up to 10% of
its workforce in an effort to stem mounting losses.
The bank is expected to make an announcement about the job cuts, which could
result in as many as 32,000 people being made redundant, when it unveils its
full year figures on January 15, The Times reports.
This decision would represent one of the first emergency measures introduced
by Vikram Panditt, the banks’ newly appointed appointed chief executive.
Citigroup is rumoured to write down as much as $US18.7bn (?9.5bn) in the
fourth quarter of the year to cover bad investments the bank made in bonds
backed by sub-prime mortgages. The bank is also expected to cut its dividend by
40% to preserve cash as the credit market deteriorates.
Citi brings $49bn SIVs on balance sheet
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team