Citigroup Inc. grabbed a bigger slice of banking's capitalization pie during the fourth quarter as its valuation soared while the value of most other institutions tumbled amid a rout in bank stock prices.
Seen as a model of banking in the "new economy," the New York-based banking, brokerage, and insurance giant was worth $187.8 billion in the market on Dec. 31, a handsome quarterly gain of 26.2%. As a result, it accounted for an extraordinary 20.3% of the total market value of the nation's top 100 banking companies. Indeed, the jump in Citigroup's value was the reason the top 100 banks overall posted a 2.2% gain in market capitalization during the fourth quarter, to $926.7 billion. The other 99 banks tallied a 2.5% decline in market worth, according to a survey by American Banker.