Citigroup: Financial Winners and Losers

(Updated with final stock price moves throughout.)

NEW YORK (TheStreet) -- Citigroup (C Quote) was among the biggest decliners of the financial sector Tuesday, even after the bank said it approved $6 billion in new lending initiatives during the second quarter.

In its second-quarter progress report as part of the Troubled Asset Relief Program, Citigroup said it approved $6 billion in new initiatives during the quarter. That brings the bank's total value of approved programs supported by TARP capital to $50.8 billion, Citigroup said, adding that at the close of the second quarter, it has put to work about a third of that total.

Citigroup shares finished lower by 25 cents, or 6.4%, at $3.69.

Elsewhere, U.S. District Judge Jed Rakoff said Monday he needs more information before he can approve the $33 million settlement between Bank of America (BAC Quote) and the Securities and Exchange Commission.

Last week, the SEC charged BofA with making "materially false and misleading statements" in connection with its acquisition of Merrill Lynch. Without admitting or denying guilt, BofA agreed to settle charges that it misled investors about Merrill Lynch's bonus payment plans.

"I am concerned that we have not yet ferreted out all that the court needs to know," Judge Rakoff said at a hearing in New York Monday. Adding that he is looking for "the truth, not the spin," Rakoff ordered both sides to provide additional details to the court within the next two weeks.

In a research note Tuesday, Rochdale Securities analyst Richard Bove said the judge's interference sends two separate messages. The first is that the judge intends to get involved in how the company is run. The second is that the judge is clearly dismayed by that agency's lack of transparency. Neither message bodes well for stocks in general, nor Bank of America specifically, Bove wrote.