February 20, 2009 / 2:56 PM / 11 years ago

Citigroup shares fall below $2 as U.S. banks plummet

NEW YORK (Reuters) - Shares of Citigroup (C.N) dropped more than 20 percent to fall below $2 as bank shares plummeted shortly after the opening bell on Friday on fears the U.S. bank rescue plan might include nationalization.

Bank of America (BAC.N) fell more than 15 percent to $3.31 and Wells Fargo (WFC.N) tumbled more than 12 percent while JP Morgan (JPM.N) shed 5.8 percent. The Financial Select Sector SPDR (XLF.P) fell 4.5 percent to $7.22.

Editing by James Dalgleish

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