A bank exchange traded fund was down more than 1% on Friday morning as investors continued to vote with their feet on worries about the economy and new regulations for lenders after the credit crisis.
Within the sector, Bank of America (NYSE: BAC), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC) and JP Morgan (NYSE: JPM) all saw declines of at least 1%.
Investors continue to punish bank stocks following recent economic data suggesting growth is losing steam.
Another key uncertainty surrounding the banks “remains the lack of clarity over required capital levels,” Deutsche Bank analysts said Friday. “While the focus has been on what this means to bank returns and stock valuations, there’s also likely to be a broader impact to the overall economy.”
The bank sector fund was down about 10% year to date heading into Friday’s trading.
SPDR KBW Bank ETF (NYSEArca: KBE)