Bank Bear Market Gets Worse as Goldman, Citi Sell Off Again
- Losses extend the drop since July in the KBW Bank Index to 23%
- Slumping rates, UBS outflows, lending risk cited for retreat
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The 2016 financial stock rout worsened Tuesday as the country’s biggest investment banks plunged almost 5 percent amid a gathering storm of economic and financial threats.
Goldman Sachs Group Inc. sank the most since November 2012 to lead the Dow Jones Industrial Average to a 295-point loss, while Citigroup Inc., Bank of America Corp. and Morgan Stanley slid 4.7 percent or more. The KBW Bank Index declined 3.2 percent to extend its bear-market plunge since July to 23 percent.