Citi: We’re No. 3?
The 8 percent swoon in Citi’s (C) stock Tuesday shows that new chief Vikram Pandit has his work cut out for him. One curiosity, courtesy of Fortune’s Shawn Tully, is that Citi - the biggest U.S. bank by assets - finds itself in danger of slipping back into third place among the big banks as measured by stock market capitalization. At Tuesday afternoon’s prices, Bank of America (BAC) is the top U.S. bank, at $169 billion. Next comes Citi at $134 billion and then JPMorgan Chase at $131 billion. At the end of last year, Citi had $1.88 trillion in assets, compared with $1.46 trillion at Bank of America and $1.35 trillion at JPMorgan.
Of course, a lot has changed since then. All three firms have seen their shares hit since the debt markets seized up this past summer. But Citi stock has lost half its value over the past year, while its rivals have given up less ground - an early sign that investors are losing faith that the Citi ship can be turned around.
Your asset totals for BAC and JPM should be Trillion not Billion
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charles-
you’re quite right, thanks for the catch.