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| Bank of America Plaza (Photo credit: Frank Kehren) |
Bank stocks were hammered in Britain and the United States on Friday, partly because of fear that a surprise $2 billion trading loss by JPMorgan Chase would lead to tougher regulation of financial institutions.
In Britain, shares of Barclays and Royal Bank of Scotland were down more than 2 percent. American banks were poised to open sharply lower later in the morning.
JPMorgan stock was the hardest hit, with shares down almost 9 percent in premarket trading after the bank’s revealed the loss in a trading portfolio designed to hedge against risks the company takes with its own money.
British stock analysts said that bank stocks were hurt mostly because of regulatory fear, not because there was reason to believe other banks would discover similar losses... Continue to read.
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