Goldman’s reputation took another hit last week when a Senate subcommittee blasted the firm’s actions during the financial crisis.
Financial ETFs fell Monday after Citigroup’s quarterly results and Standard & Poor’s cut its credit outlook on the U.S.
Financial-sector ETFs have lagged the market lately on worries over the economy with some analysts scaling back their GDP growth forecasts.
“While there were some sighs following the near shutdown of the federal government, the larger story was the growing concern over an economic soft patch following renewed consumer concerns as well as several streams of data over the last several weeks that have caused more than a few to recast their recent and near term expectations for the domestic economy,” Think 20/20 said in a research note Monday.
Other banks reporting quarterly earnings Tuesday include State Street (NYSE: STT), Bank of New York Mellon (NYSE: BK) and U.S. Bancorp (NYSE: USB).
