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Investors were selling bank stocks Tuesday morning after three of the nation’s largest banks—Citigroup, Bank of America, and Wells Fargo—reported mixed fourth-quarter earnings.
Wells Fargo and Bank of America dropped 4.7% and 4.6%, respectively. Citigroup was down 2.2%. Shares of other banks that have yet to report earnings were falling, too, and the KBW Nasdaq Bank Index was down 1.2%.
Wells Fargo’s fourth-quarter earnings of $1.62 a share missed Wall Street analyst estimates of $1.66, according to FactSet. On an adjusted basis, Wells Fargo reported EPS of $1.76, which beat analyst forecasts.