NEW YORK (MarketWatch) -- Shares of Citigroup lost 6% on Monday and fell below $4 for the first time since August. The stock was pressured during a volatile session as one closely followed analyst opined that the firm really no longer exists as a company as it once did. Furthermore, Bloomberg News reported on Monday that Citi and rival J.P. Morgan are hoarding cash. The move, the news service reported, may help strengthen the financial system, but will likely provide little benefit to shareholders. Dick Bove, an analyst at Rochdale Securities, said on Monday that, "articles are still being written about the bank being too big to fail. It is no longer in that rarified group. In reality, Citigroup does not exist any longer." Citigroup last closed under $4 a share on August 12.