U.S. Government Outlines Rescue Package for Citigroup

On Monday the U.S. government outlined a massive rescue package for Citigroup which would include an injection of another $20 billion.

This is followed up by the initial $25 billion as part of the $700 billion bank bailout Congress passed earlier in October.

Concerns that the exposure to toxic mortgage assets have greatly rattled the markets and Citigroup stocks ended last Friday at below $4 a share. Citigroup shares are now down roughly 87 per cent this year, and the bank has announced plans to lay off 50,000 workers from its 350,000 person workforce.