FILE PHOTO: Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London September 19, 2013. REUTERS/Neil Hall
NEW YORK: U.S. bank stocks are morphing from leaders into losers amid more signs that their searing 35% rally through this year’s first five months may have outrun the fundamentals.
With two weeks left in the quarter, some investors aren’t waiting around to find out. The S&P 500 Banks Index, which rose three times more than the broad market through May, slid 8.1% this past week and more than 10% so far this month. This left indexes of the largest U.S. diversified lenders and regional banks ranking among June’s worst performers, with Citigroup Inc.’s drop of 14% leading its money-center peers and Regions Financial Corp. slumping 17%.
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