Citigroup Stuck with OneMain

In recent days, Citigroup‘s (NYSE:C) attempt to sell a consumer-lending business has fallen apart due to a flat economy and shaky markets, according to a person familiar with the matter.

Citigroup (NYSE:C) began exclusive talks last year with two private equity firms and Warren Buffett‘s conglomerate Berkshire Hathaway to sell OneMain, a lender that offers personal loans and home equity to risky borrowers. The talks were concurrent with the bank’s larger push to get rid of noncore businesses following the financial crisis.

But Citi and the others agreed to forget about the OneMain effort after the bidders, which included the private equity firms Leucadia National and Centerbridge Capital Partners, decided that it would be hard to finance the business.

Here’s how Citigroup and a few of its major banking competitors are reacting to the news today:

Citigroup, Inc. (NYSE:C): C shares recently traded at $28.97, up $0.42, or 1.47%. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 20,682,743 shares versus a 3-month average volume of 57,108,500 shares. The company’s trailing P/E is 7.72, while trailing earnings are $3.75 per share.

JPMorgan Chase & Co. (NYSE:JPM): JPM shares recently traded at $35.27, down $0.09, or 0.25%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 12,253,400 shares versus a 3-month average volume of 42,011,700 shares. The company’s trailing P/E is 7.52, while trailing earnings are $4.69 per share.

Wells Fargo & Company (NYSE:WFC): WFC shares recently traded at $29.27, up $0.33, or 1.14%. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 12,657,059 shares versus a 3-month average volume of 35,979,500 shares. The company’s trailing P/E is 10.84, while trailing earnings are $2.70 per share.

Bank of America Corporation (NYSE:BAC): BAC shares recently traded at $6.26, up $0.08, or 1.29%. They have traded in a 52-week range of $4.92 to $15.31. Volume today was 155,168,282 shares versus a 3-month average volume of 261,447,000 shares. The company’s trailing earnings are $-0.31 per share.

Morgan Stanley (NYSE:MS): MS shares recently traded at $16.16, up $0.26, or 1.64%. They have traded in a 52-week range of $11.58 to $31.04. Volume today was 10,244,413 shares versus a 3-month average volume of 33,298,600 shares. The company’s trailing P/E is 10.60, while trailing earnings are $1.53 per share.

To contact the reporter on this story: Gina Smith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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