In the share market business, there’s no telling when things might go wrong. The latest news is the fall of global stocks along with the downfall of Goldman Sachs. The profit percentage went down by as much as 7%! Currently, it projected about $15bn in losses.
Along with the Goldman, shares throughout the world took a nose dive. The Dow Jones average dropped about 217.86 points. The Nasdaq went down about 1.33%. So, the situation in the global stocks and shares is critical. Further on, the London FTSE lost 170.4 points. So, it is clear that the fall of Goldman Sachs led to the previously mentioned losses.
Along with the fall of global shares, panic struck the share market. The Citigroup bank associated with Global Sachs went down as well. The Citigroup is expected to sell between $8 and 11 bn in write downs! With the consumer metrics going down, the Citigroup is going through some bad times. The banking industry giant is lacking good leadership in these troubled times.
As a matter of fact, Goldman Sachs advised the investors in the Citigroup financial sell their shares. When trading closed, the Citigroup shared went down by 5.9%. I think this is probably the first time I am witnessing this kind of loss. The primary concern for shareholders is the wider damage this situation has caused. Companies like GM reported major financial loss as well. Also, the US economy in general is suffering due to Citigroup and Goldman Sachs deal. Hopefully things will get better soon.
