Bank Stocks Plunge Most Since 2009 Led by BofA, Citigroup
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Bank of America Corp. and Citigroup Inc. led U.S. lenders to their steepest drop in more than two years as the government’s loss of its AAA credit rating rippled through financial markets.
Bank of America, the nation’s largest bank by assets, plunged 20 percent and Citigroup slid 16 percent, leading the KBW Bank Index down 11 percent. It was the worst showing for the 24-company benchmark since April 20, 2009, when Bank of America told investors it was putting aside more money to cover a growing pool of uncollectible loans.