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Citigroup: Financial Winners & Losers

Citigroup was among the biggest decliners in the financial sector Thursday.

(Citigroup and other stock prices brought current, cloture vote results added in this update.)

NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Citigroup Inc. Report

was among the losers of the financial sector Thursday, following the broader market indices lower as the

S&P 500

approached correction territory.

Citigroup

shares fell nearly 5% as the S&P 500 fell 2.5% to 1086.94, a loss of 10% over the last month, to the index's lowest level since February. Stocks were pressured by a surprising jump in

weekly initial jobless claims

and continued fears over the

debt crisis in Europe

.

Financial stocks were among the hardest hit of the market sectors. The

ProShares Ultra Financial

(UYG) - Get ProShares Ultra Financials Report

ETF lost 4.6%, the

iShares Dow Jones U.S. Financial Sector

(IYF) - Get iShares U.S. Financials ETF Report

ETF slid 2.5%, and the

Financial Select Sector SPDR

(XLF) - Get Financial Select Sector SPDR Fund Report

dropped 2.4%.

Citigroup was among the biggest bank stock decliners, falling 2.4% to $3.72. Among other U.S. bank stocks,

Morgan Stanley

(MS) - Get Morgan Stanley (MS) Report

retreated 3% to $26.24,

Bank of America

(BAC) - Get Bank of America Corp Report

slid 2.8% to $15.86,

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

was down 1.5% to $137.98,

Wells Fargo

(WFC) - Get Wells Fargo & Company Report

gave back 1.4% to $29.65, and

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

fell 0.9% to $39.03.

Citigroup Cramer Still A Believer

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In U.S. bank-related news, the Senate voted to end debate on the

financial reform bill

, which means a final vote on the legislation could come in the next few days. After the Senate failed in its first attempt to end the debate Wednesday, a second attempt reached the 60-vote minimum to pass.

Paul Miller, a bank analyst with FBR Capital Markets, said that while the first failed vote was a "stumbling block, the Senate is still poised to complete work on this bill in the next few days, setting up reconciliation with the House and, we believe, final passage next month."

Miller suggests that investors watch for debate over an amendment would strengthen the Volcker Rule by "accelerating the process and giving less leeway to regulators for implementation. While this amendment is still a threat, the opposition is making it tough for it to get attached to the bill," Miller said

Overseas bank stocks were tumbling as well. Most notably,

Bank of Ireland

(IRE)

trading in New York dropped nearly 19% to $5.66 after the bank's shareholders approved a €3.5 billion capital-raising program.

Among other foreign bank stocks,

Allied Irish Banks

(AIB)

dropped 4.1%,

Lloyds Banking Group

(LYG) - Get Lloyds Banking Group plc Sponsored ADR Report

was down 3.9%,

Royal Bank of Scotland

(RBS) - Get Royal Bank of Scotland Group plc Sponsored ADR Report

declined 3%,

Banco Santander

(STD)

gave back 2.4%, and

National Bank of Greece

(NBG)

slid 1.9%.

Back in the U.S., insurance company stocks were plummeting as well.

American International Group

(AIG) - Get American International Group, Inc. Report

fell 4.7%,

Hartford Financial Group

(HIG) - Get Hartford Financial Services Group, Inc. (HIG) Report

dropped 4.6%,

Genworth Financial

(GNW) - Get Genworth Financial, Inc. Class A Report

was down 4.4%, and

Prudential PLC

(PUK) - Get Prudential plc Sponsored ADR Report

slid 1.9%.

-- Written by Robert Holmes in Boston

.

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