Wells Fargo, Citigroup and key regional bank stocks were among the names under pressure on Wednesday.
Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week.
Shares of the Swiss bank fell more than 27% after its biggest backer said it won’t provide further financial support. Credit Suisse announced on Tuesday that it had found « material weakness » in its financial reporting process from prior years. Other European banks also slid, including an 8% drop for Deutsche Bank.
The move appeared to be hitting large U.S. banks as well. Shares of Wells Fargo and Citi fell more than 4% each in premarket trading, while Bank of America dipped 3%.
