New York - Saudi Arabia's Prince al-Walid bin Talal said Thursday that he plans to increase his stake in US bank Citigroup to 5 per cent of its shares. He currently owns less than 4 per cent of Citigroup's shares.
Citigroup is among the banks hard hit by the global financial crisis and earlier this week said it would cut a further 75,000 jobs. The bank has lost nearly 80 per cent of its value in the past year, with its shares falling a further 23 per cent on Wednesday.
