US bank stocks have suffered a brutal start to 2016. Out of the 90 stocks on the S&P financials index, just seven were in positive territory for the year, after the market closed on Monday.
Two of the biggest losers, Bank of America and Morgan Stanley, are down 27 per cent and 29 per cent respectively. Citigroup, also down 27 per cent, is now trading at just 6.5 times earnings, not far off the trough of 5.9 times during the Lehman Brothers crisis.
That is from the FT.