Tumbling of American Banks amid weak economic data that sparks recession fears.

"Citigroup led big bank losses with a near 5 per cent fall. Wells Fargo, Morgan Stanley and Goldman Sachs fell about 4 per cent each, while JPMorgan Chase and Bank of America declined 2.7 per cent and 3.5 per cent, respectively.
Lenders typically feel the squeeze as recessions heighten concerns over credit losses due to higher unemployment, while loan demand – a key factor in profitability – also takes a beating."

https://www.businesstimes.com.sg/companies-markets/banking-finance/us-banks-tumble-weak-economic-data-sparks-recession-fears

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