One day they sue WFC over the WB acquisition, the other day plan on selling itself to highest bidder, if any. They sure know how to build confidence in the investment community. ------------------- http://www.marketwatch.com/news/sto...E-2039-477D-A23E-37C637B34609}&siteid=yahoomy -------------------- LONDON (MarketWatch) -- Citigroup's board of directors will meet Friday to consider auctioning off parts of the bank, or even the entire firm, after another sharp slump in the stock price, according to a published report. The talks are only at a preliminary stage and don't signal a change in management's stance that the bank has ample funding and strategic direction, The Wall Street Journal reported, citing people familiar with the matter. Still, the 26% decline in Citi's (C: 4.71, -1.69, -26.4%) stock on Thursday -- it's worst ever one-day fall -- has left officials at the bank considering scenarios that would have been unthinkable a few weeks earlier, the report added. CEO Vikram Pandit has scheduled a conference call with other executives for 8 a.m. Friday to discuss the situation, the Journal reported. Citi's stock has fallen close to 50% this week alone as it suffered from a slew of negative news. In Frankfurt trade on Friday, Citi's stock rose to $5.64, up 20% from Thursday's levels. Cracks in the commercial real estate market, the Treasury's recent decision not to buy troubled assets from banks and Citi's own move to take on around $17 billion of assets from a subsidiary fund have all hit the stock. Even a vote of support Thursday from Saudi Arabian investor Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, who said he will increase his holdings in Citi back to 5%, couldn't stem the decline in the stock price. See full story. Citigroup along with other banks has been lobbying for further action from lawmakers, including asking the Securities and Exchange Commission to reinstate a ban on the short-selling of financial stocks, the Journal reported. The SEC's chairman Christopher Cox said he would hold a conference call with international regulators on Monday to discuss short selling and other issues, the newspaper added. As well as considering a sale of the entire bank, Citi is looking at the possibility of selling units such as the Smith Barney retail brokerage, the global credit card division and the transaction services arm, according to the report. Simon Kennedy is the City correspondent for MarketWatch in London.
"If the global crisis continues, by the end of the year only two Banks will be operational, the Blood Bank and the Sperm Bank! Then these 2 banks will merge and it will be called "The Bloody Fucking Bank"
If they stay below $5 for too long they really are not going to have any options as all the mutual funds, pension funds etc are forced to dump the stock. I suspect a lot of them are doing so now just to have it over with in case it's worse or just plane not better by the end of the quarter.