U.S. stocks mixed, Citigroup down 16 Pct

As of 12:02 p.m. EDT, the Dow Jones Industrial Average was up 13.7 points, or 0.18 percent, to 7,565.99, the broader S&P 500 slid 0.17 points, or 0.02 percent, to 752.27 and the Nasdaq Composite gained 1.63 points, or 2.22 percent, to 1,317.75.

Bank stocks were the biggest losers on the Dow led by Citigroup Inc. (NYSE:C) which plunged 16 percent to $3.94.

Citigroup executives are reportedly meeting Friday to discuss its future after a ferocious attack sent its shares down by more than half this week to 13-year lows.

There are conflicting reports on what Citi will break itself up by selling Smith Barney or another business or even a sale of the entire company.

Bank of America Corp. (NYSE:BAC) fell 85 cents, or 7.6 percent, to $10.40, while Merrill Lynch & Co. (NYSE:MER) fell 77 cents, or 9.7 percent, to $7.19.

The financial sector also led the market lower Thursday as investors worried that losses from debt will swamp banks, even those given financial support through the government's $700 billion rescue plan.

Citigroup, in particular, is a concern for Wall Street as the company has recorded close to $21 billion in losses over the last four quarters.