ZION - Citi stands out among worst financial stock performers: Q3 Spotlight

The financial sector managed to edge higher on Q3, but lost ground again to the broader market and couldn’t really get in gear.The SDPR Financial Sector ETF (XLF) rose 4%, while the S&P (SP500) gained 8.9%.Cyclicals had a chance to step up in leadership in September as money left the big tech and momentum names, but financials couldn’t take the baton, as big banks also faced selling pressure.Citi (C) was hit the hardest, and ended Q3 as the worst-performing financial stock for the last three months, down 15.7%.The real damage came in the middle of September following a Wall Street Journal report that the Office of the Comptroller of the Currency and the Federal Reserve planned to reprimand Citi for not improving its risk-management systems, something that hastened the upcoming exit of CEO Michael Corbat. That didn’t seem to be a huge fundamental dent, but the technical damage exacerbated the decline as the

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Citi stands out among worst financial stock performers: Q3 Spotlight