A recent report indicates that the six giants of U.S. banking are poised to post their second-highest annual profit ever at $157 billion. Supported by an increase in trading activity and dealmaking, the banks are on a roll.
It’s therefore not surprising to see Citigroup (C) stock having surged by almost 60% in the past 52 weeks. However, amidst the positive outlook, reports suggest that the bank plans to cut 1,000 jobs this week.
