Citigroup: Financial Winners & Losers

Citigroup fell after the U.S. government announced the initial step to divest its 7.7 billion-share stake.
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(

Citigroup and other stock prices brought current in this update

.)

NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Report

was among the losers of Monday's session, pressuring the financial sector, after the U.S. government announced the initial step to divest its stake in the bank.

Citigroup

shares traded lower after the Treasury said it plans to sell 1.5 billion shares of its total stake of nearly 7.7 billion Citigroup common shares. The sale is the first step in a pre-arranged written trading plan with

Morgan Stanley

(MS) - Get Report

. The Treasury received the Citigroup common shares last year as part of the Capital Purchase Program at a price of $3.25 per share.

Citigroup was lately losing 24 cents, or 4.9%, to $4.62. Still, the stock is up nearly 40% in 2010.

Other major U.S. bank stocks were trading lower.

Goldman Sachs

(GS) - Get Report

slid 3.6% to $151.75,

Morgan Stanley

(MS) - Get Report

fell 3.4% to $30.85,

JPMorgan Chase

(JPM) - Get Report

was down 2.6% to $43.79, and

Wells Fargo

(WFC) - Get Report

gave back 2.1% to $32.79.

Bank of America

(BAC) - Get Report

also traded lower, down 2% to $18.07, even after a report the bank is set to name a new chairman. Directors Frank Bramble and Charles Holliday are the leading contenders to become chairman of the bank this week,

The Wall Street Journal

reports.

Bank of America

is expected to make a decision on Wednesday after its shareholder meeting, the

Journal

says.

Away from bank stocks,

The PMI Group

said its first-quarter loss ballooned to $1.94 a share from $1.41 a share in the year-ago quarter. Analysts had been looking for a smaller quarterly loss of 94 cents a share, according to Thomson Reuters. Revenue was down 36% from a year ago to $156.6 million, below the $172 million consensus.

Separately, PMI said it will offer $400 million in common stock and $200 million in convertible senior notes.

PMI shares were lately down 5% to $6.30. Among other mortgage insurer stocks,

Radian Group

(RDN) - Get Report

fell 3.8% to $17.63, while

MGIC Investment

(MTG) - Get Report

was flat at $11.43.

Elsewhere,

Thomas Weisel Partners Group

(TWPG)

rallied after

Stifel Financial

(SF) - Get Report

said it will buy the investment bank for over $300 million, valuing Thomas Weisel shares at $7.60 each.

Thomas Weisel shares surged 67.7% to $7.31, while Stifel shares slid 2.7% to $54.26.

-- Written by Robert Holmes in Boston

.

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