Stocks declined today, as Citigroup announced it would cut 52,000 jobs — far more than initially expected.  Citigroup has reduced its assets by more than 20% since the first quarter.

The KBW Banking Index fell 4.71% and the KBW Regional Banking Index fell 1.69%. The broader S&P 500 Index was down 2.58%.

The Bank Index was led lower by Bank of New York Mellon, Bank of America, and Zions Bancorporation, which were down 9.56%, 8.47%, and 8.14%, respectively. The best performers of the day were Cullen/Frost Bankersand People’s United Bank, which had gains of 1.19% and 0.28%.

Leading the Regional Banking Index lower were Colonial Bancgroup, Frontier Financial Corporation, and Citizens Republic Bancorp, which were down 12.03%, 11.89%, and 10.55%, respectively. The best performers of the day were Corus Bankshares, Provident Financial Services, and UCBH Holdings, which had gains of 2.56%, 2.39%, and 2.26%.