Sector Snap: Banks slip, Citi up
Shares of major banks slip, but less than broader markets; Citigroup rises after results
NEW YORK (AP) -- Shares of the major banks declined less than the broader market Monday after Citigroup announced strong first-quarter results.
Citigroup's investment bank advised more companies on mergers and acquisitions; its retail bank wrote more mortgages; and the company set aside less money for bad loans. Quarterly earnings rose 17 percent to $4 billion while revenue climbed 3 percent, beating Wall Street expectations.
Still, the bank's executives warned that they expect the markets to remain volatile, hurt by European debt problems and slowing growth in parts of Asia.
Broader markets slid Monday because of concerns about unexpectedly slower growth in China in the first quarter. That triggered a steep fall in commodity prices, which weighed on energy and mining stocks.
Here's how shares of major banks were trading just before the market close Monday:
— Citigroup, up 35 cents, or less than 1 percent, to $45.13.
— Wells Fargo & Co., down 49 cents, or 1.3 percent, to $36.72.
— JP Morgan Chase & Co., down 81 cents, or 1.7 percent, to $48.20.
— Morgan Stanley, down 21 cents, or 1 percent, to $21.61.
— Bank of America Corp., down 15 cents, or 1.3 percent, to $12.02.
The Standard & Poor's 500 index tumbled nearly 2 percent.
