On Wednesday, financial industry bank Citigroup reported a record $16.9 billion loss for the third quarter, with the bank’s shares plunging by over 5% in early trading.
While the bank made the news for the loss, it also came amid a larger trend in financials: over the past six months, there have been multiple instances in which major financials have lost billions of dollars.
Citigroup’s loss comes at a time when the financial industry is facing an unprecedented crisis, and a looming recession in the US economy.
In February, the Federal Reserve’s Federal Reserve Bank of New York announced that the US financials sector was the second-largest risk to the economy, after energy, after oil.
With that in mind, the US government is currently debating whether to increase the Fed’s $85 billion emergency funding to the financials industry.
“There’s not much I can do,” said Matthew H. Johnson, a former financial services industry executive, who is now a lecturer at the University of Michigan’s College of Business.
“It’s not like the government can stop banks from going down.”
Johnson, who also served as the financial services division director for the US Department of Labor, said that, in the short term, he does not expect any action to be taken.
The US economy was in good shape before the financial crisis.
As of March, the Bureau of Labor Statistics projected a 6.5% growth rate for the economy in 2017, compared to an 11.7% growth pace in 2016.
However, that’s a number that is not expected to stay constant, according to economists.
During the financial crises of 2008 and 2009, the economy grew at a much slower pace, which helped to fuel the subsequent recession.
In fact, the recent downturns have created a downward spiral that has seen banks fail to repay large amounts of loans, which in turn led to a boom in derivatives, which are financial instruments that have a large market value but can be risky when they come into play.
Financial industry banks have seen a steady decline in their capital ratios since the crisis began, and have been under pressure to raise capital levels as they have struggled to survive.
Although the financial sector is far from the only financial industry to be hit by the recession, Johnson said the financial system has always been more vulnerable than the rest of the economy.
Even before the 2008 financial crisis, banks were losing money at a rapid rate.
Since the crisis, they have lost $4.6 trillion, and analysts say it is now at least $7 trillion, depending on how you measure it.
Banks have seen their profits decline dramatically over the last two decades, and their stock prices have plummeted.
This year, the stock market is down about 20%, but the banks have continued to make billions.
A new study published in The Wall Street Journal found that the total amount of money that banks in the United States have lent to individuals and small businesses has dropped by nearly half over the same period.
That’s because more of the money is being used to finance loans, instead of lending to individuals.
If the banks can’t meet their debt obligations, then they can’t borrow money to finance business.
On Wednesday, the National Association of Realtors said that the Federal Deposit Insurance Corp. will cut $10 billion from its loan program for the financial sectors this year.
According to the Financial Services Roundtable, a trade group for the banking industry, the loss of the FDIC funding will help banks avoid the risk of a default, and increase their ability to pay customers.
Additionally, Johnson says that the Fed should also consider increasing its support for banks.
“[F]ederal officials should be pushing to see more of them on the brink of collapse,” Johnson said.
What’s more, a recent survey by the Council of Economic Advisers found that more than half of Americans say that they have a higher degree of confidence in the financial institutions that they own.
At this point, the situation in the industry seems like a situation that is unlikely to improve.
There are still many banks that are thriving.
Some of them are large, like JPMorgan Chase, Bank of America, and Wells Fargo, which have over a billion customers and have nearly doubled their market value in the past few years.
Other banks, like Citigroup, have a much smaller base, and are not as profitable as they once were.
Many of the banks that have gone down in recent years have been small and struggling.
For example, Citigroup’s share of the US housing market was down more than a third between 2011 and 2015, and has been on a steady downward trajectory ever since.
Still, the fact that Citigroup and other big banks have fallen during the economic downturn is not the same thing as them