There will probably be more sad guys on trading floors today: Stock futures are showing sharp declines, in part due to news that Citigroup may eliminate50,000 people (or 14%) of its global workforce, mostly by selling assets. And Britain's Sunday Telegraph reports that JPMorgan Chase will have cut thousands of jobs next year. In the auto industry, which hopes for some government help, cash-strapped GM is selling back a 3% stake in Suzuki to raise $232 million. Referring the futures and prospects for today, City Index's chief market strategist told CNBC, "This baby is going down and it's going down fast. I see no reason for anyone picking up the baton this morning."
Citibank to Cut Up to 50,000 Jobs
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