Bank of America (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), Goldman (NYSE:GS), JPMorgan (NYSE:JPM) Hit Hard as Weak Earnings Hit the Sector

Even though JPMorgan (NYSE:JPM) managed to report a fair quarter, since then the earnings reports have been devastating to the sector, including Citigroup's (NYSE:C) and Goldman Sachs (NYSE:GS), which, along with them, have put downward pressure on Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC).

Wells Fargo also reported what appeared to be tremendous profits, but when you take into account they're all robbing their reserves to prop up their results, it's unimpressive at the least, and points to the unwillingness of the banks to allow their performances to speak for itself.

That's not to say there aren't any improvements in banks, as there are, but the idea we're in some great period of recovery while the bank still have to make themselves look better than they are by taking from there reserves, only underscores the precarious health of the industry.

Add to that the fact that businesses aren't doing any borrowing, even though they've added credit lines, confirms by their actions they aren't growing and have no confidence in the economy at this time.

Wells Fargo closed at $31.81, dropping $0.68, or 2.09 percent. Citigroup closed Wednesday at $4.76, falling $0.04, or 0.83 percent. JPMorgan ended the session at $43.71, losing $1.04, or 2.32 percent. Bank of America was down to $14.37, dropping $0.63, or 4.20 percent. Goldman Sachs ended the trading day at $166.49, losing $8.19, or 4.69 percent.