Citigroup, the nation’s largest bank, reported a staggering fourth-quarter loss of $9.83 billion on Tuesday and issued a sobering forecast that the housing market and the broader economy still had not bottomed out.i'm sorry, did the nytimes say 9.83 billion dollars? in a single quarter? this does not bode well, friends, not at all. this morning's story continues:
More bad news is coming, with Merrill Lynch expected to report sizable losses this week and major financial institutions like Bank of America retreating from their investment banking business.[...] "It looks like the financial sector as a whole will see a big decline in profits, and the only time this happened in the last 100 years — financial firms’ going from making good profits to negative profits — was the Depression in the 1930s," said Richard Sylla, a professor of financial history at New York University.lest this all seem to abstract, let's not forget the folks who are immediately losing or have recently lost their jobs with citi: "the bank said it would also lay off another 4,000 workers, on top of announced reductions of 17,000 employees."