Business
Bank Stocks Suffer Biggest Loss Since April
Shares of large U.S. lenders slumped across the board, with Goldman Sachs leading the way with a 7.5% decline. Morgan Stanley fell 6.2%. Wells Fargo dropped 5.6%, while Bank of America lost 4.7%.
Payments company Block’s decision to lay off 40% of its staff thanks to AI gains further fueled the belief that technological advancements could lead to broad job losses.
Consumer lenders, more vulnerable during economic recessions, were among the worst performers including American Express, Capital One and Synchrony Financial.