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U.S. bank stocks drop after Fitch downgrade warning
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(Reuters) — Shares of U.S. banks dropped in premarket trading after a Fitch Ratings analyst told CNBC that the agency could downgrade several lenders, while a proposed rule change by a top banking regulator added to investor worries.
Big banks JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) and Bank of America (NYSE:BAC) fell between 1.5% and 1.6%.
Among the mid-sized lenders, Western Alliance (NYSE:WAL) Bancorp, Zions Bancorp and PacWest Bancorp fell between 2% and 5%.
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