Despite the financial bailout and optimism surrounding the inauguration of Barack Obama, financial shares took a hard pounding this morning, with Bank of America, Citigroup, JPMorgan and Bank of New York Mellon all down more than 10 percent, following poor performances last week.
And State Street Corp. in Boston, the world’s largest money manager for institutions, was down more than 50 percent on news of rising unrealized losses in its commercial-paper program and investment portfolio. ING, the Dutch financial giant with major operations in Connecticut, fell by more than 20 percent.
Shares of Webster Financial Corp. in Waterbury continued their slide that began last Thursday with the announcement of new charges to earnings related to increased credit losses.
