Well considering that it now costs me more for a role of toilet paper than a share of Citigroup common stock, I would say the outlook for the global financial sector is bleak. Remember these guys used to be the biggest bank in the world by market capitalisation.
Also, don’t be surprised if Australia’s banks get downgraded this year as the economy weakens, the rating agencies have already declared their intention to re-evaluate them. Will probably now see some propaganda started by the banks and the government, to try and dilute the significance of this action.
