Dow Jones is reporting that the talk of nationalizing Citi has panicked Citi’s employees in Asia, triggering massive selling by employees who hold stock they received as part of their compensation.
From Dow Jones:
Many bankers in the US believe nationalization of banks in general and Citi in particular is not on the agenda, but staffers in Asia, far away from the twists and turns of the national debate over how to secure the US banking system, are selling in great numbers because they fear the value of the equity they received as part of their retention and compensation would evaporate if the government were to decide to take over Citi, sources inside the company say.
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