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Citigroup's market capitalisation falls to US$ 5.6 billion (Updated) |
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Friday, 6 March, 2009: Citigroup's market capitalisation falls to US$ 5.6 billion. At this level, it's market capitalisation has fallen 98% since the end of 2006, when its market capitalisation was US$ 274 billion.
Citigroup's shares will remain on the New York Stock Exchange. Last week, the NYSE relaxed its listing rules to allow stocks that fall under $1 to still be listed and traded on the exchange.
The exchange said the change was warranted given the "current period of unusual market volatility and decline."
Ordinarily, an NYSE-listed company's shares cannot remain below $1 for more than 30 consecutive days. If that happens, the company gets about six months to prove to the NYSE it can boost its stock price.
To put the situation in context, all of the four major Australian banks now rank ahead of Citigroup. (They also are ahead of Morgan Stanley in the US, Barclays in Britain and Deutsche Bank in Germany.) On stock market capitalisation, Westpac is now considered the world's ninth-largest bank, with a worth of $US28.2 billion ($43.2 billion), ahead of Commonwealth Bank at No15, National Australia Bank at No17 and ANZ at No19.
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