Why Shares of Bank of America, Wells Fargo, and JPMorgan Chase Are Struggling Today
Shares of several large bank stocks based in the U.S. struggled today, as broader markets continued to be impacted by Russia's ongoing invasion of Ukraine, which is leading to a number of larger economic implications.
Shares of JPMorgan Chase (NYSE: JPM) traded roughly 5.3% down as of 1:37 p.m. ET today. Shares of Bank of America (NYSE: BAC) traded 4.8% down and shares of Wells Fargo (NYSE: WFC) traded nearly 6% down.
Banks like JPMorgan, Bank of America, and Wells Fargo each have trillions of dollars of assets and broad exposure to the global economy, so when big events like what is going on in Ukraine occur, it is hard for banks not to feel at least some impact.
Source Fool.com