The market slipped Friday as the government
increased its stake in Citigroup Inc. (NYSE:C), causing shares to dive to $1.56. The Dow fell 61.09 points to 7,120.99, the
S&P 500 dropped 10.47 points to 742.36, and the
Nasdaq slid 6.37 points to 1,385.10.
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Citigroup wasn't the only bank feeling the pain. Goldman Sachs Group Inc.'s (NYSE:GS) and Morgan Stanley's (NYSE:MS) shares are down on reports that the banks
could cut dividends.
Morgan Stanly's portfolio manager Hassan Elmasry announced he will depart from the firm in April to launch his
own boutique money management firm.
Bank of America Corp.'s (NYSE:BAC) shares sunk. BofA CEO Kenneth Lewis
testified at
New York Attorney General Andrew Cuomo's offices over the bank's involvement in the $3.6 billion in bonuses Merrill Lynch & Co. employees received just before the merger.
Lastly, Wells Fargo & Co.'s (NYSE:WFC) stock slipped. The board at the bank announced it has
suspended its bonus for CEO John Stumpf and other top executives.
- Maria Woehr
Troubled Wall Street
Prices at 11:30am EST |
| Name |
Price at
open |
Price
at 11:30am |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
21.63 |
22.90 |
-0.15 |
85481.12 |
| Goldman Sachs Group Inc. |
88.63 |
91.30 |
-0.85 |
42160.92 |
| Morgan Stanley |
20.31 |
20.32 |
-1.01 |
21833.79 |
| Citigroup Inc. |
1.56 |
1.66 |
-0.80 |
9047.17 |
| Fannie Mae |
0.47 |
0.45 |
-0.04 |
484.29 |
| Freddie Mac |
0.469 |
0.45 |
-0.04 |
291.22 |
| Bank of America Corp. |
4.25 |
4.50 |
-0.82 |
28766.47 |
| Wells Fargo & Co. |
12.55 |
13.48 |
-0.92 |
57001.94 |
| American International Group Inc. |
0.46 |
0.45 |
-0.07 |
1210.47 |
| Fifth Third Bancorp |
1.85 |
2.12 |
-0.17 |
1224.06 |
| Capital One Financial Corp. |
12.06 |
12.85 |
-0.13 |
5001.22 |
| SunTrust Banks Inc. |
11.38 |
11.80 |
-1.15 |
4183.28 |
| U.S. Bancorp |
13.44 |
14.36 |
-0.55 |
25201.80 |
| Regions Financial Corp. |
3.3 |
3.88 |
-0.06 |
2695.17 |
| KeyCorp |
7.45 |
7.55 |
-0.44 |
3737.27 |
| PNC Financial Services |
28.34 |
28.44 |
-1.30 |
12598.92 |
| BB&T Corp. |
16.34 |
16.30 |
-0.74 |
9115.74 |
| Bank of New York Mellon Corp. |
21.89 |
22.37 |
-0.92 |
25691.21 |
| State Street Corp. |
25.28 |
26.46 |
-0.71 |
11419.02 |
Source: The Deal |
