Citigroup Takes Lead in Bank Stock Decline Amid Merrill Lynch Settlement

The financial sector is experiencing a downturn, with bank stocks leading the decline. Citigroup's stock price has fallen by 4% to $123.81, making it the largest drop among large banks. Bank of America's shares have dropped 3% to $53.07, while JPMorgan Chase's stock price has slipped by only 0.9% to $327.81.

The settlement between Bank of America's Merrill Lynch unit and a class action lawsuit over cash sweep accounts may be contributing to the decline in Bank of America's shares, but it does not explain the larger drop in Citigroup's stock price.

JPMorgan Chase's relative stability suggests that sellers are discriminating between bank stocks, with some names experiencing more significant declines than others.