Back to the future for Citigroup
Shares of Citigroup Inc. fell today to the lowest point since the company was formed in October 1998.
Shares of Citigroup Inc. fell today to the lowest point since the company was formed by then-chairman and chief executive Sanford I. Weill in October 1998.
Shares in the New York-based bank fell $1.21 to $15.22 shortly after 10 a.m.
Citigroup was formed through a merger of New York-based companies Travelers Group Inc. and Citicorp Inc.
Current Citigroup chief executive Vikram Pandit, who took over for Charles O. Prince in December, is in the process of cutting costs and selling off assets after the bank posted two consecutive quarterly losses totaling $15 billion.
The company has also posted $40 billion in credit losses and write-downs since the subprime-mortgage market collapsed last summer.
Citigroup shares have fallen 73% since its record close of $56.41 on Dec. 27, 2006.
The stock was up 6 cents, or 0.4%, to $15.28 as of 12:15 p.m. EST.
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