Citibank Reorganization

Countrywide and Bank of America are getting all of the attention these days but there is another bank in big troupble and that is Citibank.  The world's wealthiest king of some middle east country is bailing out Citibank.  A realtive that is close to me is feeling the pinch. They are eliminating a whole level of mid-management due to the mortgage crisis.  The fall of the housing crisis is effecting everyone which will exacerbate our economic condition.  Could we be going into a recession?