NEW YORK - Citigroup reported disappointing financial results this morning that have sent all financials lower including J.P. Morgan which reported on Friday. Citi reported $1.3 billion of profit or 4 cents a share. The company continued to show improving loan quality and capital ratios.
The news sent larger financial rival Bank of America down over 2%. Bank of America and Citigroup have tended to be the most similar when it comes to earnings news. However, it has been puzzling since August where Citigroup a bank which has seen its shareholders diluted by 85% would be trending higher than Bank of America when it comes to market capitalization.
Wells Fargo the nations fourth largest bank has also moved lower. Wells' like J.P. Morgan and PNC have reported strong financial results over the last year as BAC and C have looked to recover.
The financials appear to be taking a breather for at least a day as it will await the stronger bank results including, Wells Fargo and U.S. Bancorp on Wednesday followed by PNC on Thursday.
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