Citigroup Loses $8.29B in 4th Quarter
After revealing that it has lost $8.29 billion in the 4th quarter of 2008, Citigroup says it will reorganize along two business lines; Citicorp will deal with global banking while Citi Holdings will deal with the company’s “riskier” assets. More
Japan’s Auto Manufacturers Also Under Pressure
Japan’s auto manufacturers, while not struggling to the same degree as Detroit, are clearly not immune to the global slowdown. Both Honda and Toyota are scaling back production on weaker demand and one European Union expressed concern that some European auto builders are at risk saying that “there is no guarantee that all the main European manufacturers can survive the crisis”. More
Irish Government Set to Nationalize Anglo Irish Bank
With fears growing that the Anglo Irish Bank cannot remain solvent without direct intervention, the Irish government announced this morning that it would nationalize the bank to ensure its long-term viability. More
Bank of America to Receive Another $20B in Aid
The Bank of America – after having received $25 billion in emergency aid from Congress in early October – will receive another $20 billion to be paid from the government’s $700 billion rescue fund. More
