Banks Follow Goldmans, Citi's Decline – Axos Financial, Inc. (NYSE: AX)
Mens Goldman Sachs (GS -3.2% ) and Citigroup (C -0.1% ) Earnings in Q1 exceeded consensus estimates, investors were not impressed, and banking stocks in general
Financial Select Sector SPDR ETF (NYSEARCA: XLF) illuminates 0.8% early afternoon trading, backtracking from Friday's 1.8% gain, the largest since April 1.
Goldman chairman and chief executive David Salomo stressed that the bank is "focused on new opportunities to grow and diversify our business mix" and called the results a "slow" start to the year. Goldman's stock is the largest decliner in the Dow Jones Industrial Average, which is down 0.2%.
The only US megabank that is up, Wells Fargo (WFC + 0.7% ), is the only one that fell ), Morgan Stanley (MS -1[ads1].2% ) .
Regional banks followed, as M & T Bank (MTB -2.2% ) fell despite the first quarter of the quarter. Others: PNC Financial (PNC -0.3% ), Axos Financial (AX -0.9% ), Bank OZK (OZK -2.6% ]), Fifth third FITB -1.6% ), KeyCorp (KEY -1.3% ), CIT Group (CIT -1.2% ).
Many non-US based multinational banks are far better – Lloyds Banking Group (LYG + 0.9% ), Barclays (BCS + 0.6% ), Royal Bank of Scotland (RBS + 0.5% .
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Formerly: Goldman is attempting to diversify business mix after muffling Q1 (April 15)
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