The Fed has no choice but to continue to lower interest rates. The U.S. unemployment rate, which bottomed at a 30-year low of 3.9% in October, is expected to have risen to 4.6% last month. That would be the highest level in more than three years, though 4.6% is low, historically-speaking.
I found this interesting:
"Citigroup announced today that it has formed a single wealth management division in Europe, the Middle East, and Africa (EMEA), which marks the firm's next steps for building an end-to-end financial services platform to serve high net worth investors in these very important markets. The newly-formed division will include The Citigroup Private Bank offices in that region, as well as Salomon Smith Barney (SSB) Private Client offices in Amsterdam, Dubai, London and Madrid.
``With its brand, its products and diversified global capabilities, Citigroup is extremely well-positioned to establish a strong presence in the European wealth management business. We believe the creation of a single wealth management division in Europe, the Middle East and Africa will give us the ability to build significant market share more quickly,'' said Sanford Weill, Chairman of Citigroup."
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