U.S. Banks Fall as Wells Fargo, Citigroup Say Revenue Slumped
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U.S. banks fell after Citigroup Inc. and Wells Fargo & Co., the nation’s third- and fourth-largest lenders, said quarterly revenue dropped amid economic weakness and market turmoil linked to Europe.
Wells Fargo slid 7.3 percent, the most since Aug. 10, to $24.72 at 12:49 p.m. in New York trading, leading a 3 percent decline in the 24-company KBW Bank Index. Citigroup slipped 1.3 percent to $28.02.