Update: And now the broader market is down.
While the rest of the market continues its upward trend, Citigroup (C) just can’t seem to catch a break today. The stock has been dropping since late last week and today passed below the ever-so-important 4.00 barrier. Currently, it’s trading at 3.85, down 6%.
Earlier today, Bloomberg noted how by hoarding so much cash, it was essentially relinquishing over $8 billion per year in profits, perhaps a sign it’s bracing for more write-offs to come.