Another chapter in the continuing decline of Citigroup Inc., once the nation’s largest bank, was written Monday as the company was ousted from the Dow Jones Industrial Average, to be replaced by insurer Travelers Cos. — a company with which Citigroup entered an ill-fated marriage a decade ago.

Cisco Systems (CSCO)  and Travelers (TRV)  will replace General Motors Corp. (GM)  and Citigroup on the Dow Jones Industrial Average, Dow Jones Indexes said.

The changes will take effect at the opening of trading on June 8.

The move was triggered by General Motors’ filing for bankruptcy earlier Monday. “A bankruptcy filing immediately disqualifies a stock regardless of a company’s history or its role as a cultural icon,” said Robert Thomson, managing editor of The Wall Street Journal and editor-in-chief for all of Dow Jones.

“We were reluctant to remove Citigroup at the height of the financial frenzy, but it is clear that the bank is in the midst of a substantial restructuring which will see the government with a large and ongoing stake,” he said in a statement. MarketWatch, the publisher of this report, and parent Dow Jones are News Corp. subsidiaries.

Full Story: http://www.marketwatch.com/story/travelers-replacing-citigroup-in-dow-industrials

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