Citi shares slump despite Alwaleed $300m investment plan
By Francesco Guerrera in New York
Published: November 20 2008 13:59 | Last updated: November 20 2008 19:04
Citigroup’s crisis deepened on Thursday as its shares continued to slump despite a planned investment of about $300m by Prince Alwaleed Bin Talal, its largest individual investor.
The further fall in the shares, which were down more than 10 per cent at $5.74 at 1pm in New York, prompted Citi’s bankers and customer managers to redouble efforts to prevent a flight of capital, according to people close to the situation. However, they added that Citi had not experienced unusual movements in deposits, corporate balances or prime brokerage accounts.