As Citi nose-dives, Saudi prince buys

Citigroup Inc.’s stock price nose-dived 30% today in the steepest percentage decline ever for the Wall Street giant, which has lost more than a third of its market value in the past four days.

Citigroup Inc.’s stock price nose-dived 30% today in the steepest percentage decline ever for the Wall Street giant, which has lost more than a third of its market value in the past four days.
It was down $1.69, or 26.41%, at $4.71 per share at today’s close.
The New York-based bank’s dismal performance came after it announced yesterday that it would buy the remaining $17.4 billion in assets held by its structured investment vehicles, which were casualities of the global credit crunch a href= https://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081119/REG/811199975/1022/ONLINENEWS>(InvestmentNews, Nov. 19).
Despite the negative state of Citigroup, which is coming off four straight quarterly losses (InvestmentNews, Oct. 16), Saudi Arabian Prince Alwaleed bin Talal expressed confidence in the bank today by announcing plans to increase his stake in the company from less than 4% to 5%.
On Monday, Citigroup chief executive Vikram Pandit announced plans to cut 52,000 jobs in an attempt to lighten its balance sheet (InvestmentNews, Nov. 17).