Banks in a mess!

Most of the major banks are in a mess as a result of the subprime crisis and now we have information that the banks may have knowingly lent money to people that it knew were going to default. Of course,it is all mere speculation as such, but nevertheless the police are taking this matter very seriously and have already started an investigation of sorts.
This piece of news does not bode well at all for some of the top banks that had been exposed to this crisis, like Citibank. Even if all that has happened were not as a result of deliberate action on the bankers part, there is still the query 'how on earth could this happen?'.

Citigroup sheds off workers!

With the impact of the Sub prime crisis and the credit crunc still resounding across all of the world , the markets have not been that kind to the Citigroup and with reason. Citigroup had recently made public the extent of their exposure to the sub prime crisis which as much larger than what anyone had figured would be.
It seems that the Citigroup has been handing out money by way of loans to pretty much anyone who walked through the door.
Of course, all of that is in the past now, with the recent news of the exposure to the Sub prime crisis, the Citigroup has decided to shed some 5% - 10% of its workforce of 327,000 people. Naturally this restructuring plan is taking longer than usual but then again, with all restructuring plans, it may be a case of too little, too late!