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Citigroup is getting hit harder than Bank of America despite the legal headline landing at Merrill Lynch, and the gap between the two lenders points to something beyond the settlement driving the selloff across money-center banks.
Bank stocks tumbled on Thursday, extending losses in recent weeks as a sharp rise in interest rates added to further pressure.
Storage names are taking the brunt of the open, with Seagate down 14.8%. On the other side, ON Semiconductor leads the gainers, leaving the spread across this stock universe at roughly 21 points in a…