US considers rescue plan for ailing Citigroup
CITIGROUP could be the next financial company to be bailed out by the US government after its shares lost more than half their value in three days.
US government officials were last night discussing rescue packages for the ailing bank, including buying the company outright or taking over parts of the bank. Experts estimated Citigroup would need a cash injection of at least 34bn to survive.
Today Citigroup will launch a series of adverts in newspapers across the world to try to emphasise its stability. The adverts will boast that the bank has 200 million customers around the world to boost confidence.
The move comes days after Citigroup chief executive Vikram Pandit made a company-wide conference call to assure workers the bank was in a solid position despite reports, and told them to ignore falling share prices.
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Weather for Edinburgh
Tuesday 29 May 2012
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