Subprime Losses Wrack Citigroup

The deepening banking crisis hits Manhattan hard with this news from Citigroup.

Citigroup plans to announce a writedown of as much as $24 billion and layoffs that could total as much as 24,000 due to subprime and credit-related losses, CNBC has learned. Citigroup plans to announce a $24 billion writedown and layoffs that could total as much as 24,000.

Slightly on the upside, apartment rents are dropping downtown as the financial meltdown continues.