Initially it looked as though JPMorgan earnings were fine, but the more investors dig into it, the less they like.
The fact that earnings would have been well below estimates, had it not been for a weird accounting trick, is probably not helping.
Bottom line: The bank selloff is on:
- JPMorgan -3.6%
- Bank of America -3.8%
- Citigroup -3.9%
It’s not wildly dramatic, but banks were starting to break out of a slump (it had looked like) and now that appears to be back.