Citigroup Bank posted a jaw dropping $9.83 billion loss (yeah, that's billion with a b) for the fourth quarter of 2007. In addition, Citigroup is also cutting its stock dividend by 41 percent, obtaining $12.5 billion in cash to try to strengthen its balance sheet ($12.5 billion, hmmm, that should last about five months), and taking severe cost cutting measures that could result in 4000 layoffs.In other cheery news, IndyMac Bancorp announced that it will cut its work force by almost 25%, laying off more than 2,400 employees. The cuts include temporary vendor staffs located mostly in India (sorry, no tears here). IndyMac already lost around 1,600 workers last year, and in addition to these announced cuts, they anticipate laying off another 500 - 1,000 more employees worldwide in the first half of 2008.
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