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Citigroup, hit by losses

Citigroup, hit by losses

Crisis. Citigroup, registered losses of 5.11 billions euro in the first trimester of 2008 and announces the dismissal of over 9.000 employees, writes BBC.

Vikram Pandit, Citigroup's executive director, said that the financial situation at the largest British bank is the proof of the continuos real estate crisis that strucked the US and Europe. The Bank of England could announce today a paln to supplement the cash reserves from the financial sector with 63.2 billions euro. The sum will consist in bonds, issued by the central bank, that could be traded by the financial institutions with mortgaging packages used as guarantees, writes "The Guardian".