Financial Collapse

Just when I wrote about the financial effects on Malaysia with Citigroup's poor financial results, it came to my attention read that Singapore's Citibank branch could be affected. The Singapore office, being the key hub for the Asian market, employs about 9,000 people.

Citigroup staff rattled by bank's global lay-offs
By Gabriel Chen & Grace Ng
THERE was an air of apprehension at Citigroup's Singapore office as staff confronted news that the battered United States bank is axing thousand of workers across the world.
Some local staff from the corporate and treasury divisions have already been shown the door - part of the first wave of 4,000 sackings from Citi's global workforce of 375,000.
Anxious staff told the Straits Times they are also expecting the knife to be taken to their bonuses, which are to be announced soon.
'Bonuses will probably be announced next week, but nobody is expecting good [ones]. Expectations have been moderated,' said a senior Citi executive.
'Bonus?' said a bank researcher in his 40s, 'if you're not laid off, that will be a bonus.'
The bank is expected to eventually axe about 20,000 staff worldwide and sources said Singapore - a key hub for Citi in Asia with about 9,000 workers - cannot hope to escape the bloodletting, despite the region's buoyant economy.
A Citi management associate described the mood at the bank's Centennial Tower offices as 'rather ominous'.
He added that people are looking furtively around the office to see if any cubicles had been vacated overnight.

What would the probability be when Citigroup is axing 20,000 staff worldwide?

This will be a test on what I have posted earlier under Sweating Outcomes about God's provision.
Tags: Citigroup, Citibank, Asian Market, Retrench