Posted AT 6:48 AM EST on 14/01/08
Bracing for a week of writedowns and layoffs
LONDON — Major American banks are expected to unveil substantial losses and secure more cash from abroad in what is shaping up to be a pivotal week for the global credit crisis, with central banks also poised to weigh in again.
Citigroup Inc. could write off as much as $24-billion (U.S.) and lay off 20,000 workers in a drive to cut costs and boost capital, CNBC said on its Website in a report dated Sunday.
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