Citigroup's share price closed at $4.71 Thursday, a 26% drop that was its steepest one-day percentage decline ever. According to published reports, if the company is unable to bring the stock back above $5 before year's end, institutional investors will be forced to sell their entire holdings. Worth $274 billion at the end of 2006, Citigroup is reportedly worth $26 billion today.

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

Industry sources contacted by GlobeSt.com declined to comment, citing conflicts. Citigroup remains the largest office tenant in New York City even after reportedly giving back portions of its space at some of its locations in Midtown, including the Citigroup Center at 131 E. 53rd St. and its world headquarters at 399 Park Ave. It also occupies sizeable blocks of space at 666 Fifth Ave. and 731 Lexington Ave. in Midtown as well as 1 Court Sq. in Long Island City. Last December, Citi sold 388 and 390 Greenwich St. Downtown in a $1.5-billion sale-leaseback to a joint venture of SL Green Realty Corp. and SITQ. The company continues to occupy 100% of the 2.6 million square feet at both buildings.