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how did the 2008-2010 recession impact the CIT group in the micro and macro economic levels?...

how did the 2008-2010 recession impact the CIT group in the micro and macro economic levels? what were the managerial decisions taken after the recession in order to bounce back?

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The 2008 recession impacted CITi group that it was forced to default on CDS issued and due to inability to recover dues for housing loans forcing it on verge of bankruptcy and ultimately non performance assets rose significantly on macro level and at micro level unemployment shot upto 23 percent with lowest wage growth rate.

Managing decisions like strong compliance to Foreign Corrupt Practice Act and Sarbanes Oxley Act and higher emphasis on ethical auditing and risk management frameworks helped banks regain trust and avert such large exposure to risks of different types.

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