Financials Slump, Bank of America Falls 4.20% (JPM, C, BAC, GS, FITB)
Financial stocks were underperforming on Friday as the DOW slipped over 1.90% as Jobs report came below economists’ estimates.
JPMorgan Chase & Co.(NYSE:JPM): JPMorgan fell 3.26% to $32.07 on over 25.88 million shares, below its average volume of 49.13 million shares. Recently, the company announced that it has infused a further CNY2.5 billion (US$395 million) into its China banking subsidiary. After the capital addition, the total registered capital has jumped to CNY6.5 billion. Last week, the company announced that it has appointed Teresa Heitsenrether as the new head of its global prime brokerage business. Shares of the company have lost over 22% so far this month after announcing a surprise trading loss of $2 billion as on one of the company’s employees made a speculative bet on synthetic credit securities. The company said that loss could go up to $3 billion this quarter or next.
Citigroup Inc.(NYSE:C) slid 3.55% to $25.57. The bank named Leonardo Arduini, chief country officer for Italy, as head of investor sales for markets in Europe, the Middle East and Africa.Renzo Arcoria will become head of Citigroup’s markets division in Italy, according to an e-mailed statement from the bank today. In that position, he will oversee financial institutions, government and corporate clients, Citigroup said.
Fifth Third Bancorp(NASDAQ:FITB) slid 5.32% to $12.64. Yesterday, the stock was upgraded by Wells Fargo to “Outperform,” from “Market Perform” ratings, preferring “leverage to stabilizing/improving U.S. residential real estate and manufacturing strength amid euro-zone volatility.”
Bank of America Corp (NYSE:BAC) plunged 4.22% to $7.04 on hefty volume and Goldman Sachs Group, Inc.(NYSE:GS) plunged 3% to $92.86.