U.S. Banks Tumble With Record Low Yields, Dimon’s Surgery
- JPMorgan drops after CEO Jamie Dimon undergoes heart surgery
- Bank stocks may be close to reflecting recession, KBW says
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Shares of the biggest U.S. banks, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., kept tumbling on Friday morning as yields plummeted to record lows, spurred by concern about the rippling impact of the new coronavirus.
With 10-year Treasury yields down about 25 basis points to 0.662%, industry profits are “on sick leave,” Wells Fargo analyst Mike Mayo said in a phone interview. At the same time, bank balance sheets are still strong, and “the foundation remains for growth once the virus period passes.”