Citigroup's share price closed at $4.71 Thursday, a 26% dropthat was its steepest one-day percentage decline ever. According topublished reports, if the company is unable to bring the stock backabove $5 before year's end, institutional investors will be forcedto sell their entire holdings. Worth $274 billion at the end of2006, Citigroup is reportedly worth $26 billion today.

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The stock plunge follows three days after Pandit announced thatCitigroup would eliminate 52,000 jobs company-wide over the nextyear. The layoffs follow 23,000 job cuts already made earlier thisyear and will bring Citigroup's worldwide head count from 375,000at the start of 2008 to 300,000.

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Industry sources contacted by GlobeSt.com declined to comment,citing conflicts. Citigroup remains the largest office tenant inNew York City even after reportedly giving back portions of itsspace at some of its locations in Midtown, including the CitigroupCenter at 131 E. 53rd St. and its world headquarters at 399 ParkAve. It also occupies sizeable blocks of space at 666 Fifth Ave.and 731 Lexington Ave. in Midtown as well as 1 Court Sq. in LongIsland City. Last December, Citi sold 388 and 390 Greenwich St.Downtown in a$1.5-billion sale-leaseback to a joint venture of SL GreenRealty Corp. and SITQ. The company continues to occupy 100% of the2.6 million square feet at both buildings.

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GlobeSt.com will provide further reporting as informationbecomes available.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.