Citi Stock Drops To Lowest Level Since Bailout
Jan. 13 (Bloomberg) -- Citigroup Inc. fell to the lowest level in New York trading since November, when the government provided a $20 billion rescue package, on speculation the bank will sell control of its brokerage amid mounting losses.
Citigroup declined 21 cents, or 3.8 percent, to $5.39 at 10:40 a.m. in New York Stock Exchange composite trading, after falling as low as $5.06. The shares plunged 17 percent yesterday and lost more than three-quarters of their value last year.
The bank today confirmed it's in discussions to combine Smith Barney with Morgan Stanley's wealth-management business, and said no agreement has been reached. For the past decade, the unit has been at the center of management's plan to provide bond- underwriting, savings accounts and investment advice under a single umbrella.