Bank Stock Roundup: Wells Fargo Appoints New CEO, OZRK Beats, Citi Offloads Units
Zacks Investment Research | Oct 14, 2016 03:20AM ET
Bank stocks were down over the last five trading days. As the Q3 earnings season has already started, investors seem to be taking cautious steps with the concern of the tough operating backdrop hurting banks’ performance.
Speaking of the company specific developments, Wells Fargo & Company (NYSE:WFC) continued to remain in focus, with the resignation of its CEO John Stumpf and appointment of Tim Sloan as his replacement. However, the crisis is far from over, with states, including Illinois and California, and cities, such as Chicago and Seattle, suspending their businesses with the bank.
In addition, banks’ streamlining activities continued over the last five trading sessions. These efforts are likely to support banks’ bottom line as revenue headwinds are likely to persist in the near term.
Banks - Major Regional Industry Price Index
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.