Citigroup’s shares are worth less than 10% of their peak value a few years ago. But far from a slide into obscurity, a steady stream of market-moving news has seen the bank’s stock account for an extraordinarily large share of trading volume at the New York Stock Exchange recently.
The trade in Citigroup briefly reached above 25% of all shares traded around midday yesterday, when interest was driven by the government’s announcement of its intention to sell its stake in the beleaguered lender. (At the parent site, a full analysis of the Treasury’s plan is available for subscribers.)
Today, Citigroup accounted for “only” 15% of trading in New York. It was still the most active stock by far, with the absolute volume of shares changing hands—nearly 620m—dwarfing second-place Bank of America, which saw a mere 143m shares traded.