Citigroup and General Motors, once two of the biggest flag-bearers of US business, were yesterday dumped from the Dow Jones Industrial Average, the most high-profile US stock market barometer.
They were replaced by Travelers, the insurance company formerly owned by Citigroup, and Cisco Systems, the maker of networking equipment.
GM, which yesterday filed for bankruptcy, and Citigroup, the recipient of $45bn of US taxpayer aid, are the first companies to leave the Dow since AIG was removed in September. Their shares have lost more than 90 per cent since the start of 2007.
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