NEW YORK - For many months Bank of America, the largest bank in the United States by assets, had a stock market capitalization below that of the more troubled Citigroup. Bank of America has approximately $500 billion more assets than Citigroup which would equare to the 5th and 6th largest bank in the U.S. combined.
Today, BAC firmly took back what is rightly theirs and answered the questions on which bank is the valuable franchise. This was after Citigroup reported $1.3 billion of profit or 4 cents a share which sent its stock dizzying downward.
Citigroup was nearly down 7% at one time today. Currently it is down 5.5% as we head to the closing bell. At the current prices Bank of America has approximately $10 billion more in market capitalization than Citigroup. In April 2010 Bank of America had a $60 billion market cap lead. It is puzzling to see two banks that are of such different quality trading close to the same value.
To see the full BAC report click here.
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