Last week, Citibank Philippines reported that one of its private banking officers have gone missing and allegedly carted with him hundreds of millions of pesos worth of depositors’ money.
Francis Bryan Ang, an Assistant Vice President (AVP) of Citibank Binondo’s Citigold Wealth Management Group, is said to have stolen at least P100 million of his clients’ money. Another news report place the total amount allegedly stolen between P600 million and P1 billion.
Here’s another safe and relatively high-yielding instrument to place your money in. Well, it’s not really “high-yielding” compared to returns of stocks, but compared to other savings or time deposit accounts in the market, this one has one of the highest interest rates.
Before, it was Bear Sterns.
Then AIG.
Then the Lehman Brothers.
Is Citibank the next big, global bank to fail?
Yes, according to some financial experts interviewed by the UK newspaper The Daily Mail. According to analysts, the company may not have enough cash to withstand subprime mortgage losses that could amount to £13.3 billion.
Also read: 126,000 more workers worldwide to lose jobs and Job losses in the Philippines
If you’re still wondering about the impact of the US subprime mortgage problem, just read the business news and you’ll see who the casualties are: the employed — or more appropriately, the ex-employed.
According to the latest news, the financial sector has announced — from January to May 2008 alone — that more than 66,000 people will be fired in the US and in other countries.
