This morning’s stress test leak is stressing out Bank of America (BAC) shareholders.
In pre-market action, the stock is trading down over 10%. Citigroup (C) shares are off by a similar amount.
It wouldn’t be surprising to see the whole banking sector come under pressure today, though we wonder if the lack of news about, say, JPMorgan (JPM) and Wells Fargo (WFC) suggests they’re OK by comparison. Certainly the market has judged those two to be much healthier than their peers — perhaps regulators feel the same way.
Meanwhile, this news is bad for Ken Lewis who faces shareholders tomorrow. He now needs to reconcile this with past statements about repaying TARP, while also answering for all the Merrill stuff.