Citigroup have just announced layoffs to over 10,000 staff, this comes just a couple weeks after Wells Fargo announced 40,000 layoffs! These big banks are STRUGGLING and they're in BIG trouble!
These banks are desperate for cash because come March 11th, the Bank Term Funding Program will end, and these banks will need to repay the Fed.
The problem is, these banks already gave their cash to customers wanting to withdraw money, that means, they'll need to sell these heavily lossmaking assets to recoup enough cash to pay the FED, realizing hundreds of billions in losses.
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