Well, not only is Citigroup cutting up to 50,000 jobs but JP Morgan is joining the party and cutting jobs as well. Japan sees its first recession since 2001 and futures are down. To me, it’s all about jobs going forward and this is only going to get worse.
Going forward I believe the banks and all financials for that matter will be coming to the market for more financing. Dividends will have to be cut further or eliminated entirely and the further dilutive result in this group will be mind boggling.
It’s going to be another whacky week . Good luck.