US stocks erased all profits amid weakness in the banking sector. The KBW Bank Index declined by 2.1% in the day after Wells Fargo collapsed by 3.6% due to false Q1 financial reports. In addition, two US regulators have filed a charge and have asked the bank to pay $1 billion. Citi and JP have posted positive financial reports, but far below expectations - this has led to a fall in the stock price of both companies. Jamie Dimon, JP Morgan Chase CEO, said "the environment is becoming highly competitive after the financial reports are published".
Source: Bloomberg Pro Terminal
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