With little actual news today, bank stocks are losing ground this afternoon, following a Standard & Poor’s study published earlier this week warning some institutions capital is weaker than it appears.
Goldman Sachs (GS) lost $1.85, or 1%, falling to $169.28, Morgan Stanley (MS) fell 63 cents, or 2%, to $31.50, Citigroup (C) lost 5 cents, or 1%, for $4.16, UBS AG (UBS), one of the weakest banks in S&P’s report, was down 11 cents, or .7%, at $15.99, and JP Morgan (JPM) fell 48 cents, or 1%, to $42.00.
In an article discussing the S&P report today, the Financial Times said numerous banks complained S&P had not taken into account recent capital-raising efforts, though S&P stood by its findings.
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