Citigroup Inc., once the world's biggest bank by market value, dropped below $1 in New York trading for the first time as investors lose confidence the shares can recover after more than $37.5 billion in losses and a government rescue.
Citigroup fell to $1.03 at 12:32 p.m. on the New York Stock Exchange after reaching 97 cents earlier today, marking an 85 percent decline this year and giving the New York-based company a market value of $5.5 billion. At its peak in late 2006, Citigroup stock was worth $55.70, for a market value of $277.2 billion.
Citigroup, run by Chief Executive Officer Vikram Pandit, is now the 184th biggest bank by market value, behind Malaysia's Bumiputra-Commerce Holdings Bhd and Turkey's Akbank TAS, in which Citigroup owns a 20 percent stake, according to data compiled by Bloomberg News.
Citigroup has reported more than $37.5 billion in net losses during the last five quarters and the U.S. government has provided the company with $45 billion. Last week, the government agreed to convert the preferred stock it owned in Citigroup to common shares, gaining a 36 percent stake in the company and boosting Citigroup�s buffer against future losses.
As of this posting (2:20PM EST) Citigroup was trading at $1.01
(Source: Bloomberg.com)
http://www.theyeshivaworld.com/article.php?p=31365
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