NEW YORK (
) -- Financial stocks were slightly lower Friday on average volumes, as some economists fretted over weak consumer confidence numbers. The
Financial Select Sector SPDR
a widely-tracked exchange traded fund, was down by four cents in early afternoon trading to $14.64.
One financial name that saw heavy trading volumes was
, after the U.S. Treasury Department announced it had sold more than 13 million warrants to raise an expected $214 million. The move is the latest example of Treasury recouping an investment it made during the bailout. Lincoln shares were five cents lower at $24.68.
was among the weakest large bank stocks Friday, dropping 1.95% to $40.19. Despite negative publicity over an
that prevented customers from accessing their accounts online, JPMorgan shares had outpaced peers, including
Bank of America
during the first four days of the week.
Among those banks on Friday, Citigroup and Wells Fargo were up by a few pennies, while the rest were in negative territory. Citigroup announced the
The sale by Citigroup is the latest divestiture from Citi Holdings, the "bad bank" the financial giant created as part of an effort to remake itself in the wake of the financial crisis. Citigroup CEO Vikram Pandit said in a press release that Citi Holdings will likely comprise less than 20% of the conglomerate's total balance sheet after the deal closes in the fourth quarter.
Written by Dan Freed in New York
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