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Overconfident traders wind up on the wrong side of a $30 billion bank bloodbath

Patrick Bateman

It’s good to invest with conviction. Just not too much conviction.

That lesson rang true Friday, as overconfident traders found themselves on the wrong side of a massive bank sell-off, which at its worst erased more than $30 billion in market value.

The weakness was spurred by earnings reports from three of Wall Street’s biggest banks: JPMorgan, Wells Fargo, and Citigroup. Despite sales and profit results that largely met analyst expectations, the three firms slipped more than 1%, dragging broader financial indexes lower.

Wells Fargo and Bank of America declined at least 2.3%, while the KBW Bank Index dropped read more >>>

Source:: BusinessInsider.Com

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