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Citigroup shares plunge as board ponders future

Shares in Citigroup ended the day 18% lower after the announcement of an emergency board meeting to discuss the future of the group. The shares have more than halved in value this week as the troubles on the global stock market continue to weigh heavily on the US giant. Despite suggesting that the group still has a strong capital base and liquidity position it is understood that the board is considering either a part sale of the operation or the outright sale of the whole business.

The last two weeks have been traumatic for the sector and the ongoing collapse in the Citigroup share price is yet further evidence that all is not well on global stock markets. Slowly but surely we have seen many of the famous US giants fall by the wayside and unless Citicorp can agree a merger or takeover in the short term there are grave concerns for the future.

It seems as though the signs were there earlier this week with the announcement that 52,000 jobs would be lost worldwide and the group was undergoing a major restructuring and recapitalisation of the business. The situation is now critical and speed is of the essence.

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