Bank shares plunged on both sides of the Atlantic yesterday amid growing fears that Bank of America and Citigroup – two of the world's biggest financial institutions – will need further US government support and over the authorities' ability to stabilise the ailing banking system.
BofA lost more than a fifth of its value by early afternoon in New York as investors took fright at the bank's request for more support from Washington to cushion heavy losses on the assets of Merrill Lynch, the bank it acquired last year.
Citigroup's shares tumbled a further 16 per cent amid concerns about the viability of the conglomerate, which is due to report fourth-quarter profits and outline a new strategy today.
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