The evening of Nov. 20 Beijing time, Citigroup in market value yesterday shrunk nearly 1 / 4 after the Saudi prince, Alwaleed Bin billionaire (Alwaleed Bin Talal) announced today that he plans to the Group's holdings of shares to 5%. Alwaleed Bin said in a statement Thursday that he would buy Citigroup's stock because he "strongly of the view that Citigroup's stock value has been greatly underestimated." At present, Alwaleed Bin Citigroup shares held by less than 4%. In the credit market crisis before the beginning of last year, Citigroup is the nation's largest bank. Since last December, the group through the sale of assets and equity of the way, has a collection of some 750 billion dollars, including the U.S. Treasury Department last month of 25,000,000,000 U.S. dollars into the fund. Earlier this week, Citigroup CEO Vikram Pandit said the rise in loan losses and weakening economic situation, the group will cut 52,000 employees, the layoffs will be continued until next year, the total number of layoffs was announced in October the two Times.
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