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Global rout in bank shares intensifies as recession fears mount.

    Financial Collateral > Banking News > Economy > Global rout in bank shares intensifies as recession fears mount.
April 5, 2025
Stella
Economy
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Bank stocks tanked across the globe on Friday as fears of a recession swept through markets after U.S. President Donald Trump announced the highest tariff walls in a century.

The S&P 500 banks index which tracks U.S. lenders, fell more than 7%, extending declines after plunging on Thursday. Citigroup and Bank of America  were the biggest losers in the index, both dropping more than 7.5%.

JPMorgan Chase the largest U.S. lender, lost 6.5%, while Goldman Sachs and Morgan Stanley fell 7.1% and 6.8%, respectively.

The selloff accelerated after China’s finance ministry said on Friday it would impose additional tariffs of 34% on all U.S. goods from April 10 in retaliation for Trump’s move.
Banks, which serve as bellwethers for economic activity, saw their shares sink as the U.S. breaks with free trade policies built up over decades. Investors braced for declines in consumer spending, loan demand and dealmaking. Citigroup was among the largest decliners, falling more than 10.5% today before paring losses to about 8%. On Thursday, it lost 11%.
Source: Reuters

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