Last Updated on March 13, 2023 by Bitfinsider
Bank of America, JP Morgan, and Citigroup — all saw substantial losses in early market trading after the closure of two large banks spread dread among investors and prompted regulators to tighten up on risks connected with bank closures. Bank of America fell 4.2%, JP Morgan fell 1.4%, and Citi fell 2.25%.
Charles Schwab — Before the bell, shares fell by more than 6.6%. Citi raised the stock from neutral to buy, citing the company’s 23% drop in the last two trading days as a “compelling” risk-reward ratio. Citi anticipates increasing financing costs and ongoing client capital sorting to be near-term sales and profit challenges, which it thinks are already represented in the current stock price.
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