The market cap of the S&P 500 Financial sector continues to sink lower, and it is currently at just $959 billion after nearly reaching $3 trillion back in mid-2007. As shown in the table below, Citigroup (NYSE:C) has by far seen the biggest decline in market cap of companies currently in the sector since it peaked on May 23rd, 2007. Citi's loss in market cap is nearly 10 times what the company is currently worth. It has also lost 11 times more than US Bancorp (NYSE:USB) has lost, which has seen the 14th biggest decline, and C is now worth $11.8 billion less than USB! AIG ranks second in terms of losses with a decline of $166 billion, followed by Bank of America (NYSE:BAC) (-$162 billion), JP Morgan (NYSE:JPM) (-$83 billion), and Morgan Stanley (NYSE:MS) (-$72 billion).
And on another note, Wells Fargo is now the biggest S&P 500 Financial sector company with a value of $99 billion. JP Morgan has fallen to second at $94.5 billion, and B of A is in a distant third at $65 billion. Not one company in the sector is worth more than $100 billion anymore. Oh, how the mighty have fallen.
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