Citigroup and Bank of America have announced job cuts following losses coming from exposure to the US subprime market.
Citigroup, which announced on Tuesday it will raise $14.4bn from private investors and sovereign wealth funds, will cut its staff by 4,200. This follows massive job cuts in April (17,000 jobs).
The US bank has revealed a 40 per cent dividend cut, a $9.83bn fourth-quarter loss and $18bn in subprime-related credit writedowns. The government of Singapore Investment Corporation, the Kuwait Investment Authority, Prince Alwaleed bin Talal (already one of the bank's biggest shareholder), Sandy Weill (former CEO), and the New Jersey investment division will invest in Citigroup.
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