Updated with closing stock prices throughout.
NEW YORK (
was among the decliners in the financial sector Wednesday, following a report that regulators pressured the bank to oust its CFO.
The Financial Times
reported that federal regulators came to a confidential agreement with
that the bank's CFO would be removed. Then-CFO Ned Kelly resigned in July after learning of the agreement, according to the report.
The confidential agreement between Citi and the regulators, according to the report, "emphasizes the extend of the authorities' involvement in the internal workings of Citi. Shares of the bank finished lower by a penny to $4.13.
Among other bank stocks,
added 1% to $26.61. On the downside,
finished down 0.7% to $41.41,
slipped 0.3% to $159.93, and
Bank of America
lost 0.9% to $16.75.
Elsewhere, shares of
American International Group
jumped higher after
reported that new CEO Robert Benmosche has started to change the insurer's restructuring plan.
The report said Benmosche had decided it is better for the insurer to hold on to an investment advisory unit that is part of AIG's retirement services group. AIG shares closed up 8.5% to $26.64.
Among other decliners,
shares lost 2.9% after word the Internal Revenue Service and the Justice Department announced a settlement with the Swiss bank Wednesday. UBS will hand over the names of 5,000 individuals to tax authorities, who may use the information to build criminal cases.
UBS shares were lately down 46 cents to $15.44.
Among analyst moves, Sandler O'Neill raised its price target for
to $1 from 50 cents. The firm also increased its estimates for 2010 due to management's recent decision to suspend all of its preferred dividends and to reflect the reduced likelihood of the company filing for bankruptcy in the near-term. CIT shares were lower by a penny to close at $1.39.
Elsewhere, Rochdale Securities analyst Richard Bove released a research note that called
"simply better than regional banks." Bove also raised his full-year 2009, 2010, and 2011 earnings estimates for the bank.
"While Northern Trust is feeling the impact of the recession and weakening in stock prices like other companies, it is clear that the impact on Northern Trust has been much less," Bove wrote. "In multiple fashions, this company is demonstrating that its business model is superior to that of most traditional regional banks."
Northern Trust shares lost 46 cents, or 0.8%, to close at $59.92. Among other regional banks,
climbed 1.3% to $5.51, while
Fifth Third Bancorp
slipped 0.8% to $10.11.