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Citigroup Signals Corporate Investment Weakness

Following now years of corporate scandal under the unwatchful eyes of the Bush Administration's SEC, Citigroup, the largest holder in the Federal Reserve Bank signals weakness by laying off 1000 people in it's corporate investing business.

Source: TheTip, 2002-10-25

Candidate: The FED

JP Morgan/Chase's Citigroup, the corporate investment banking arm of the giant bank announced yesterday that they would cut 1000 jobs in the unit. This shows significant weakness in the corporate stock and bond market of which Citigroup is a significant holder in each of the major companies in the Dow and S&P 500.

That Citigroup is reducing its corporate business this way signals further shortcomings in the stock market, including suspicion that Citigroup itself is about to undergo a major legal problem due to its handling of WorldCom and other telecom stocks it underwrites.

Their Residential Lending group, however, is still going strong, and Chase is significantly restructuring its risk portfolio to include mostly individual land owners. This will further drive down the interest rates and terms available to consumers as the market for consumer home lending increases.

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User Originated Comments:

From: LLindauer
2004-02-25 00:00:00
great article. insightful, important.
From: LLindauer
2004-02-25 00:00:00
good news. let's all refinance.
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