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.
Monday, November 17, 2008
Layoffs
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
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