STOCKS | U.S. Large Bank Shares Slide on Bank of America CEO Remarks and AI Trade Concerns

U.S. large bank shares fell sharply on Monday after Bank of America said trading revenue would be relatively flat compared with the same quarter last year. According to Sina Finance, concern over AI-themed trades also weighed on financial stocks. Bank of America briefly dropped as much as 5.7% after CEO Brian Moynihan said at the Barclays Global Financial Services Conference that third-quarter trading revenue would be relatively flat year over year. Among the biggest decliners in the KBW Bank Index were Goldman Sachs, down 4.6%; Citigroup, down 3.5%; Morgan Stanley, down 4.1%; Wells Fargo, down 3.0%; Bank of New York Mellon, down 3.5%; and JPMorgan Chase, down 2.2%. Northern Trust shares briefly fell 4.9% after CFO Dave Fox said the company expected a seasonal decline in results this quarter. Other companies scheduled to attend the Barclays conference include Synchrony Financial, Bank of New York Mellon, Citizens Financial Group, Blue Owl Capital, MSCI, Bank of Nova Scotia, S&P Global, Nasdaq, PNC Financial Services, Equifax, KeyCorp, Apollo Global Management, and Citigroup.