Citigroup has been booted from the popular Dow Jones and STOXX dividend indexes, after it was forced to slash its dividend payment to shareholders in the wake of the government bailout this weekend.

The company will exit the Dow Jones Global Select Dividend, Dow Jones U.S. Select Dividend and Dow Jones STOXX Global Select Dividend 100 indexes on Nov. 28. In exchange for taking the bailout, the company was forced to cut its dividend to one penny per share per quarter. At that level, the company does not meet index eligibility requirements for the indexes.

In an ETF context, the change is most notable for the $3.7 billion iShares Dow Jones Select Dividend Index (NYSEArca: DVY), which has 45% of its assets in financial stocks. Fortunately, Citigroup is far from the largest holding in DVY, at only 0.53% of the ETF. The largest stock weightings in DVY are close to 3% of the fund.

DVY has suffered this year due to its financials focus, down close to 25% through Oct. 31, according to BGI data.

• In the Dow Jones U.S. Select Dividend Index, Citigroup will be replaced by U.S. basic resources company, Commercial Metals Co.
  
• In the Dow Jones Global Select Dividend Index, Citigroup will be replaced by French retailer PPR S.A.
  
• In the Dow Jones STOXX Global Select Dividend 100 Index, Citigroup will be replaced by General Electric Co.