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Citigroup posts $8.29B loss, separates traditional banking business from riskier ventures
NEW YORK (AP) -- Citigroup said Friday it is splitting up into two businesses as it reported a fourth-quarter net loss of $8.29 billion -- its fifth straight quarterly loss.
In Citigroup's reorganization, one business, Citicorp, will focus on traditional banking, while the other, Citi Holdings, will hold the company's riskier assets.
The move will allow Citigroup to sell or spin off the Citi Holdings assets to raise cash. It also reveals the company's growing focus on back-to-basics lending and deposit-gathering, and dismantles the "financial supermarket" created a decade ago.
Originally posted by WatchNLearn
It is high time these lecherous criminal corporations are made to pay for their crimes against humanity.
And as for the collaborators? Well after WWII, woman who had fraternized with the Nazis had their heads shaved, then beaten and drove out of town. If your lucky, your people will only lose their jobs...
With significant turmoil in the financial markets around the world, some analysts are thinking gold will skyrocket as investors flee to safety. One such prediction from Citigroup (NYSE: C) pegs gold at $2,000 per ounce - roughly 150% higher than today’s $800 per ounce.