Bank stocks led a sell-off on Wall Street on Wednesday as fourth-quarter earnings season kicked off with disappointing results from some of the biggest US lenders.
Wall Street’s blue-chip S&P 500 closed 0.5 per cent lower, its worst day in 2026, recovering from steeper declines earlier in the day.
Wells Fargo and Citigroup were among the worst performers, losing 4.7 per cent and 3.3 per cent respectively. Citi reported a 13 per cent profit decline in the fourth quarter even as revenue rose 2 per cent year on year. Wells Fargo reported lower than expected net income.
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