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Citigroup Inc. (NYSE: CITI) posted quarterly earnings on July 14th, 2023 and the stock has been declining since then.
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Citigroup stock fell 10% in a month and moved ahead in a downtrend.
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Broader banking sector stocks are going through bleak conditions as major rating agencies signal downgrade.
Citigroup Inc (NYSE: CITI) fell prey to a recent banking stock rating decline spree in the past few days. Rating agencies Moody’s and Fitch Ratings indicated a potential downgrade of bank stocks. Citigroup stock price dropped up to 5% since the warnings along with the major banking company stocks meeting the same fate.
The U.S. banking sector had been under pressure given the Federal Reserve’s interest rate hikes during the post-pandemic recovery phase. The phase was tough for even the major banks to keep going. In the initial months of this year, the repercussions surfaced with the fall of several banks.
The American banking agen
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