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Text size [+][-]  Saturday July 4 2009GLOBAL EDITION

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20 Nov 2008 20:36

No umbrella

By Richard Beales

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Citigroup stock fell 26% to $4.71 a share on November 20, bringing the decline on the week to more than 50% and the decline in 2008 to 83%.

The share fall came despite Saudi Prince Alwaleed bin Talal, the company's biggest shareholder, saying he would boost his stake to 5% from under 4% and expressing support for Citi's management, led by chief executive Vikram Pandit.

Citigroup is lobbying US regulators to reinstate the ban on short-selling financial stocks, the Wall Street Journal reported on November 20.

JPMorgan stock fell 18% to $23.38 a share on November 20, and Bank of America shares fell 14% to $11.25.

The US banking giant’s shares took another bath on Thursday, with big rivals Bank of America and JPMorgan also in the spotlight. The lack of specific bad news isn’t soothing investors. They’re worried about economic gloom, more losses, and the uncertain outlook.

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