Bank Stocks Clobbered By JP Morgan Execs Disclosure Of 15% Decline In Trading

By Ciara LinnaneMarketsMarketWatch Pulse

Bank stocks fell across the board Wednesday, after J.P. Morgan Chase & Co.'s Chief Financial Officer said trading is down about 15% in the second quarter. Marianne Lake told investors at an industry conference that the decline is a "normal seasonal" one that is typical moving from the first to the second quarters, The Wall Street Journal reported. She said fixed income was down, while equities were up slightly. "We're doing decently in a reasonably challenging environment," Ms. Lake said Wednesday. "Performance is quite good but there's not a lot to trade around right now....there haven't been that many exciting events and we need a few more of them," she said. Goldman Sachs Group Inc. led the decline, trading down 3.1%. Bank of America Corp. fell 2.7%, Citigroup Inc. was down 2.5%, Morgan Stanley fell 2.3% and J.P. Morgan was down 2.2%. The Financial Select Sector SPDR exchange-traded fund fell 1.2%, and is down 0.3% in 2017, while the S&P 500 has gained about 8%.

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