Five executives including Citi's board member and former chairman Sir Win Bischoff have offloaded more than 7.7 million shares valued at 9.7 million dollars.
At a time when owning a Citi share costs you a little over a dollar, top executives of the battered entity have sold stocks valued at 9.7 million dollars in just two days.
Five executives including Citi's board member and former chairman Sir Win Bischoff have offloaded more than 7.7 million shares valued at 9.7 million dollars.
The transactions were done on March 2 and 3, according to the company's filings with the Securities and Exchange Commission.
The scrip of Vikram Pandit-led Citi, which has been severely hit by the financial turmoil, even dipped below the one-dollar mark last week. As on March 6, the company was trading on the New York Stock Exchange at 1.03 dollars.
At 1.25 dollars, one of the firm's top executives and directors Hernandez Roberto offloaded six million shares worth about 7.5 million dollars, the filings show.
Bischoff sold 90,423 shares at 1.32 dollars each, amounting to a total of 1,19,358 dollars.
Going by the filings, Medina-Mora Manuel, the company's chief executive (Latin America & Mexico), sold 1,500,000 stocks at 1.24 dollars per piece, for 1.86 million dollar.
Further, Kaden Lewis, who is vice-chairman, disposed of 1,00,000 shares for 1,26,000 dollars. Each scrip was priced at 1.26 dollars.
Another executive Gerspach John sold 65,000 shares at a price of 1.45 dollars each. The total amount stood at 94,250 dollars.
On March 5, Citi shares plunged by 10 per cent to hit a sub-one dollar low of 97 cents, before closing at 1.02 dollars.
This marks a sharp plunge from its 52-week high of 27 dollars and over 50 dollars a share before Pandit took over in December 2007.
With Citi price touching 97 cents in the intra-day trade on March 5, the shares have touched the lowest level ever since 1998, when Citicorp and Travelers Group merged to form the Citigroup.
Citi has been in the red for five straight quarters of losses, incurring total losses of more than 37 billion dollars.
Surviving on taxpayers' money, Citi has received three lifelines from the US Federal government including a fresh capital injection of 45 billion dollars.
In February, the US agreed to convert its preferential stocks in the firm into common shares, a move that would make the government a 36 per cent shareholder in the financial services entity.
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