Citigroup (NYSE:C), Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) Crushed on Global Economic Uncertainties

U.S. bank stocks declined broadly on Tuesday, some as much as 4.7 percent, on concerns that political upheaval in the Middle East could derail the global economic recovery.

Shares of the largest U.S. banks all declined in afternoon trading, led by Citigroup Inc's (C.N) 4.68 percent decline to $4.67.

The drop outpaced a 3.6 percent dip in the KBW Bank Index .BKX and a 2.2 percent decline in the S&P 500 Index.

Bank of America said on Monday that it was writing down another $10 billion of goodwill, but investors largely focused on the macro picture in deciding which bank stocks to sell.

Analysts and investors said U.S. banks with a global reach would most likely feel the effects of an economic downturn driven by turmoil in the Middle East.

The share drop is one of the first stumbles in a nearly three-month rise in banks' share prices. The KBW Bank Index has risen 24 percent since November 30 and peaked on February 14.

Citigroup, more than larger U.S. rivals Bank of America Corp (NYSE:BAC) and JPMorgan Chase & Co (NYSE:JPM), is relying on its large international business for future growth. Bank of America and JPMorgan Chase were down 3.9 percent and 4 percent, respectively.




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