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Last Updated:
Aug. 14, 2023 at 5:33 PM EDT
9 months ago
Regional Banks Are Having a Blue Monday
Stocks of smaller banks were feeling some pain on Monday.
KeyCorp (ticker: KEY), an Ohio regional bank, was down 4%, making it the S&P 500's biggest loser.
Truist Financial Corporation (TFC) and Fifth Third Bancorp (FITB) weren't far behind KeyCorp, losing 3.2% and 3.1%, respectively.
Comerica Incorporated (CMA) and Citizens Financial Group (CFG) stocks were down nearly 3%.
Regional banks have been on a wild ride since mid-March, when Silicon Valley Bank collapsed.
The latest losses comes after Moody’s downgraded ratings for 10 banks this month, citing credit-quality decline in the commercial real estate sector. Truist Financial was one of the banks.
In the week ending Aug. 2, smaller banks had about $1.94 trillion in loans for hotels, motels, dormitories, and other non-residentials properties, versus $888 billion for large banks, according to a Fed report, called H.8., released Friday.